“While our survey identified several differences across generations, support for the local economy appears to transcend generations as we come out of COVID-19. Now is the time for brick-and-mortar businesses to put their proximity advantage to work.” — Nick Hedges, CEO MomentFeed
SANTA MONICA, Calif. (PRWEB) May 27, 2020
MomentFeed, the leading provider of Proximity Search Optimization, today released data from a new survey – “Impact of COVID-19 on National, Brick-And-Mortar Brands.” The latest round of results sheds light on how each generation is being impacted and provides clues for how brick-and-mortar brands should approach them as the economy reopens.
The survey found that 85% of baby boomers and 80% of Generation Zers plan to visit brick-and-mortar businesses the same or more than they did before COVID-19. While support from Gen Xers and millennials is slightly lower at 76% and 69% respectively, brick-and-mortar brands can still earn these buyers’ business with the right strategy. Gen Xers are likely to prefer online options for doing business, even after concern subsides, and millennials will likely be more apt to visit businesses that provide special offers and discounts.
While our survey identified several differences across generations, support for the local economy appears to transcend generations as we come out of COVID-19. All generations unanimously agreed they would put their support behind local businesses and local jobs, with only a few percentage points differentiating one generation from the next.
“There may be subtle differences in how multi-location brands market to the different generations they serve, but the premise of their campaigns should center around support for local communities,” said Nick Hedges, CEO of MomentFeed. “Proximity to nearby customers, and the convenience that brings, has always been the competitive advantage of brick-and-mortar businesses. Now is the time to put your proximity advantage to work for your brand, showcasing how local stores are connecting with the communities they serve.”
SURVEY FINDINGS BY GENERATION:
Below is a snapshot of the survey results segmented by generation. To see the full results, download the survey - “Impact of COVID-19 on National, Brick-And-Mortar Brands.”
Gen Z — Engage with Fun, Entertaining Ads
Generation Z is likely to be missing out on once-in-a-lifetime events like graduations and first jobs. This generation is also likely to be feeling isolated and suffering cabin fever. Research shows fun, entertaining ads might help Gen Zers feel less isolated and create connections now that will help earn their loyalty when things open back up.
- 44% of Gen Zers are concerned about contracting COVID-19, less than all other generations.
- 66% of Gen Zers said they have greatly changed their daily routines due to COVID-19, second only after millennials.
- 68% of Gen Zers agree they are experiencing cabin fever and can’t wait to get back to their regular routines, higher than all other generations.
Millennials — Engage with Discounts and Offers
Hit by the 2008 stock market crash at the start of their careers, millennials are now experiencing their second major economic shock, many now with a mortgage and family to support. This generation was the most concerned about contracting the virus and also the most likely to say discounts and special offers will influence their decision as the economy reopens.
- 61% of millennials were highly concerned about contracting COVID-19, more than any generation.
- 74% of millennials said they have “greatly changed” their routines during COVID-19.
- Millennials are also the least likely of all generations to return to brick-and-mortar businesses after concerns subside, with 69% saying they will visit the same or more as before COVID-19.
- 62% of millennials agree offers and discounts will influence buying decisions post-COVID-19, more than any other generation.
Gen- X - Engage by Offering Online Options
Generation X is most open to trying new ways of interacting with businesses online during COVID-19. Our survey also suggests online behavior may be lasting among this generation. To stay engaged with this generation, keep online options in place to give Gen Xers a choice of how they want to engage with you.
- Gen Xers frequently ranked middle-of-the-pack for most COVID-19 concerns, behaviors, and preferences. Online behaviors being the one exception, with Gen Xers showing a clear preference for doing more online during and post-COVID-19.
- Gen Xers were 19% more likely to say they are visiting online businesses more than they did before COVID-19 (compared to those that said they were visiting less).
- Even when concern subsides, Gen Xers are 13% more likely to visit online businesses more than they did before COVID-19.
Baby Boomers — Engage by Showing Support for Local Economy
Baby boomers will likely lead the rebound in foot traffic back to brick-and-mortar businesses across all industries as concerns subsides. To stay engaged with this generation, it is important to know they are less interested in discounts, and more interested in supporting their local economy.
- 85% of baby boomers will visit brick-and-mortar businesses the same or more than before COVID-19, more than any other generation.
- 78% of baby boomers agree that they plan to support small businesses, followed closely by 77% that plan to support local jobs.
- Baby boomers will put their support behind all industries, but grocery stores (90%*), banks (90%*), convenience stores (87%*), and retail establishments (87%*) will see the most support from this generation. (*percentage who say they will visit the same or more)
ABOUT THE DATA
To better understand consumer buying behavior amid COVID-19, MomentFeed commissioned a survey with Zogby Analytics. The survey was conducted March 25-26, 2020 among 1,010 U.S. adults ages 18 and older. The survey respondents were equitably located throughout the country and represented a diverse sample of ages, genders, ethnicities, education levels, income levels, and number of children.
MomentFeed is the leading Proximity Search Optimization platform trusted by many of the largest multi-location brands in the restaurant, retail, automotive, hospitality, and financial services industries. Proximity Search Optimization is gaining significant interest from CMOs of multi-location, national brands and franchises as a way to show up locally, at the precise moment a customer has a need. MomentFeed makes it possible for national brands to execute hyperlocal marketing campaigns at scale – driving local awareness, in-store traffic, and more calls for appointments and orders.
Founded in 2010, MomentFeed is headquartered in Santa Monica, California. An Inc 5000 Fastest Growing Privately Held Company, it was also named a Comparably Best Company.