The COVID-19 outbreak has so significantly impacted consumer consumption patterns of health, entertainment, smart-home solutions, and electronics purchase intentions that consumers now greatly value access to broadband technologies.
Research from Parks Associates showed that 53% of US broadband households valued technology more now than before, following the outbreak of COVID-19 and the resulting social-distancing and stay-at-home orders across the country.
The research, conducted 8 March to 3 April, examined how consumers were 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 looked at the impact of COVID-19 on consumer employment and consumer concerns about the outbreak.
“2020 marks an unprecedented time in global history,” said Kristen Hanich, Senior Analyst, Parks Associates. “COVID-19 has impacted global supply chains, worldwide businesses, and consumer spending. 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.”
Key report highlights:
- Only 28% of broadband households aged 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 rose 5% over the prior year; and
- 21% of US broadband households report subscribing to at least one new OTT video service within the past three months.