There have been numerous articles, studies and surveys on shift in consumer shopping preferences and behavior. While percentages for each survey may have varied, there was one consistent finding – Americans have increased their use of online transactions. The implication of this behavioral shift is not just limited to retail but also to banking – 27% of consumers agree that banks will be more flexible over the next two years.
The impact created by COVID-19 restrictions has been felt across a number of industries. One of the hardest hit has been the restaurant industry. According to the National Restaurant Association (NRA), as many as 110,000 restaurants have closed since the start of the pandemic.
If you are reading this, chances are either you, or someone you know, learned a new skill or used a new tool in 2020. According to a CRAFTSMAN Built@Home Survey, 78% of adults sharpened their home improvement skills. They also learned how to use various power tools, like drills, sanders and even table saws. Meet the new DIYer.
Every year, the RAB-Borrell Digital Benchmark report catalogues the health of digital marketing in the U.S. radio industry. Every year, the results are interesting ̶ but none, I would venture, can compete with 2020.
At the onset of the pandemic in 2020, nonessential workers limited their vehicle use – other than for trips to the supermarket or leisurely drives. As lockdowns lifted, drivers hit the road again as businesses reopened and companies developed hybrid work-from-home and office schedules. In a report issued by INRIX, a location-based data and analytics firm that tracks traffic and parking, the vehicle-miles traveled may have had dropped initially but speeds increased. Based on this same report, collision rates began to climb back up to pre-COVID-19 levels between August and October.
Recognizing the shift in consumer behavior, the insurance industry responded by offering their customers discounts or rebates. However, those consumers who had once not owned or leased a vehicle, were now beginning to view vehicle ownership as a form of personal protective equipment. All these shifts created another behavior – search for auto insurance.
While radio reaches 88% adults who use any auto insurance provider, radio’s reach is even higher among adults, Blacks/African Americans and Hispanics who are planning to switch their auto insurance provider – 90%, 94% and 93%, respectively.*
Next week we will celebrate Black History Month – an event that celebrates and recognizes the impact that Blacks/African Americans have had on our history. According to ASALH, the Association for the Study of African American Life and History, the theme for 2021 is The Black Family: Representation, Identity, and Diversity.