COVID-19 outbreak impacts consumer consumption patterns of health, entertainment, and smart home solutions, while CE purchase intentions have increased

International research firm Parks Associates released new research today showing 53% of US broadband households claim that they value technology more now than before, following the outbreak of COVID-19 and the resulting social distancing and stay-at-home orders across the country.

COVID-19: Impact on Consumer Spending and Behavior, fielded between March 8 and April 3 to US heads of broadband households, examines how consumers are reacting to social distancing and shelter-in-place orders in terms of their use of technology, their subscriptions to entertainment and security services, and their perceptions of service providers. It looks at the impact of COVID-19 on consumer employment, evaluates consumers concerns about the COVID-19 outbreak, and examines the influence of these factors on consumer electronics purchase intentions.

“2020 marks an unprecedented time in US and global history. COVID-19 has impacted global supply chains, worldwide businesses, and consumer spending,” said Kristen Hanich, Senior Analyst, Parks Associates. “It has prompted exceptional actions from regulators in terms of both public health and monetary and fiscal policy. Currently 70% of US consumers report that they are following social distancing rules, and 30% report that they are following shelter-in-place orders or are otherwise self-quarantining.”

The landmark research provides insight into how consumers are responding to COVID-19, including the impact to product usage and purchase plans, service subscriptions and usage, and streaming video services.  Key highlights:

• Only 28% of US heads of broadband households age 75+ are self-quarantining.
• Intention to purchase consumer electronics products is at a multiyear high.
• Intention to purchase consumer electronics in the next 12 months has risen 5% compared to the year prior.
• 21% of heads of US broadband households report subscribing to at least one new OTT video service within the past three months.

Parks Associates is launching multiple surveys in April 2020 to quantify the impact of the COVID-19 outbreak on consumer behaviors, purchasing, and usage of connected devices and services. For more information, contact [email protected].

To request data or an interview, please contact Rosey Ulpino at [email protected], 972.996.0233. 

About Parks Associates: Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
 

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