Additionally, Experian will provide free research insight on consumer sentiment during the outbreak.
In an effort to help essential organizations, such as government agencies, healthcare providers and non-governmental organizations, provide resources to those most in need during the COVID-19 pandemic, Experian has created At-Risk Audiences, which leverage its data assets to identify groups of individuals that are most likely to be impacted. These new privacy-compliant segments, offered free of charge, are designed to help these organizations find and communicate with at-risk populations, enabling them to deliver essential services as quickly as possible.
Experian is also providing its clients free access to research insights around the shifting consumer sentiment as a result of COVID-19. Based on permissioned consumer survey data, the dashboard is updated daily and representative of US consumers across all regions and demographics. It provides businesses a deeper understanding of how consumers are being impacted by the pandemic and how that is changing their behaviors across four key industries, including automotive, financial services, healthcare, and retail, as well as their media consumption habits.
The pandemic has and will impact various segments of the population differently—it will vary by age demographic, as well as region. Businesses can leverage the dashboard to gain insight into consumer sentiment across generations and regions to respond to shifts in consumer behavior as it changes. The more businesses can understand how consumers are dealing with the fallout of the outbreak, the better positioned they will be to communicate with them and serve their needs.
Some of the current insights include:
- 64 percent of Americans are concerned about their ability to access food and essentials
- Of the consumers surveyed, only 30 percent believe the current retail situation is going to get worse
- 58 percent of Millennials do not have a financial reserve they can draw from
- Compared to last month, 57 percent of consumers are watching more television and 39 percent are reading more newspapers
- Retail spending on books, video games and music increased 14 percent from last month
- 80 percent of Generation Xers and 75 percent of Baby Boomers are concerned about visiting doctors and would hold off seeking care
- Of those planning to purchase a vehicle, more than half (55 percent) of Americans plan to continue their purchase as planned
It will be critical for all businesses to understand, in real-time, the challenges that consumers will continue to experience over the coming months. COVID-19 has created a fluid situation for many Americans, and the impact and priorities for individuals will shift over time. Our intention, as always, is to help businesses communicate with their customers effectively and address their most pressing needs.