Young consumers alter spending habits due to COVID-19 outbreak
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Cutting expenses and saving money
All consumers are reducing spending due to a fear of economic depression caused by the COVID-19 outbreak, “but the spending shift of young people are stronger than anything. They are tightening their wallets,” CNBC quoted Greg Petro, CEO of First Insight.
More than half of young folk (54 per cent) who performed the survey said that coronavirus has impacted their purchasing decisions. 40 per cent are saving money to readily beat the epidemic. The rate is higher than for any generation, according to First Insight.
Their priority is urgent saving accounts that can help them sustain life for 3-6 months in case they become unemployed due to the health crisis.
Rising online shopping
Young people have limited shopping at physical stores, resulting in a sudden hike in online shopping. About 30 per cent of them regularly make online transactions and 39 per cent are cutting expenses at physical outlets.
Taking advantage of delivery services
According to Reuters, COVID-19 has accelerated food delivery services. 30 per cent of the survey respondents have turned to online delivery services. Postmade and DoorDash – the two biggest delivery applications in the US – are carrying out "no-contact" delivery. Instead of handing the items to the buyer in person, shippers now leave them at the door. Cash-on-delivery payments are also replaced by cashless payments.
Hunting low-cost flight tickets
COVID-19 has been putting major airlines on the verge of bankruptcy. That has brought about a string of discounts and promotions to boost demand. While many people cancel their flights, a part of young people have taken advantage of this to get tickets at reasonable prices, according to CNBC.
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