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Consumers Press Pause on Major Purchases Due to Evolving Global Events

08 April 2020 - 14:04 by Graham Miller

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A report from Mapp Digital has revealed that certain significant purchases which consumers would make under normal circumstances are being deferred as consumers focus on getting through the coronavirus pandemic.

41 per cent of people questioned in the survey said that they were reluctant to splash out significant sums either via safe shopping online or at the few bricks and mortar stores which are still open.

White goods such as washing machines and fridges were the most oft-cited type of product which shoppers are avoiding at the moment, making up 15 per cent of the total. Car sales and property purchases are also taking a big hit, as the lockdown means that most people are not able to leave the house, let alone move into new premises.

Almost two-thirds of respondents said that they were watching their spending more closely than in the past, while over a third said that they were also cutting down on their online shopping activities at the moment.

There are also fears that retailers will be forced to put up prices for products in an attempt to claw back some of the cash that they are losing because of the lockdown and the generally muted consumer spending, as well as low levels of confidence amongst shoppers.

The largest proportion of participants in the study said that the impact on their finances caused by coronavirus was significant. Furthermore, the return to normal retail spending is low down on the priority list of most people when discussing what they will do once lockdown comes to an end in a few weeks or even months.

Uncertainty is the key complicating factor facing the retail market at the moment, meaning that consumers are less willing to spend cash either in-store or online even if they do have the opportunity to do so.