IBM has released a new study by its Institute for Business Value on consumer behaviour in the retail, travel and transportation sectors as immunization campaigns are in full swing. Here are the highlights.
In this study, more than 15,000 adults were interviewed in Canada, the United States, India, the United Kingdom, Germany, Mexico, Spain, Brazil and China in February 2021, to better understand the consumer perspective of the COVID-19 vaccine.
This included what consumers were planning to do once vaccinated and how this will affect their outlook on several issues, including retail spending, transportation, participation in large-scale events, and the return to work.
Enough to prefigure a part of what the world will be after.
What should we remember globally?
First, note that 59% of Canadians surveyed by IBM currently work remotely, either fully (39%) or partially (20%), while 41% continue to work exclusively in an employer-provided workspace.
On the other hand, half (47%) of Canadians prefer to return to the office once fully vaccinated, while 21% of Canadians want to continue working remotely and 31% prefer a hybrid model (a balance between working in the office and at home).
Finally, 68% of Canadians will continue to limit their social interactions even after they have been vaccinated, avoiding large crowds and contact with many people outside their homes. A statistic not very reassuring for organizers of mass cultural activities or events.
The impact of the vaccine on retail sales
Unsurprisingly, most Canadians (92%) will shop in-store once vaccinated, while 8% will continue to shop online and use services such as curbside delivery or pickup.
Shopping malls are popular but not as popular, with 72% of Canadians going there once vaccinated… However, this represents a 22% increase in the number of shoppers in shopping centres during the pandemic!
Retailers selling clothing, shoes and accessories can rub their hands and stop moping around: 78% of consumers will return to this type of store to make their purchases. Baby boomers (89%), Generation X (76%) and Millennials (83%) will be more likely to shop in person compared to Generation Z (60%).
A return to travel and transport
Up to 66% of Canadians expect to take extended vacations in the next 12 months once they are fully vaccinated, compared to 34% who say they are unlikely to take a trip in the next year, whether they are vaccinated or not. This is encouraging particularly for tourism stakeholders.
Globally, air travel will see an increase in demand, with 30% more people planning to travel by air, while cruise travel will see a significant net decrease in demand (17%);
Finally, Canadians will be more likely to visit certain locations after being vaccinated, including medical practices and facilities (58%), outdoor trails (51%), salons (36%), restaurants and bars (24%), gyms (23%), movie theaters (9%) and sporting or theatrical events (4%).
