April 21, 2021
Some Consumer Responses to the Pandemic
A new survey from the Insurance Research Council (IRC) found that two-thirds of respondents worked from home at least part of the time during the COVID-19 pandemic.
The survey, conducted in October, also revealed that half expect to continue working from home entirely or alternate between working and not working from home in the future.
Many consumers also expect to continue shopping on-line, with nearly half saying they expect to do less in-person shopping in retail stores even after the pandemic retreats. Both findings point to a continuing reduction in vehicle travel.
The study also explored attitudes toward economic conditions and steps taken in response. Half the respondents said they were concerned about their financial future; the most commonly cited actions taken were to reduce spending on travel and entertainment.
“This survey suggests the effects of COVID-19, including those impacting the property-casualty insurance industry, may continue even after the virus is under control,” said David Corum, CPCU, vice president of the IRC. “The results also reveal younger, urban, and lower income consumers have been more severely impacted by many economic aspects of the pandemic.”
The report, Consumer Responses to the Pandemic and Implications for Insurance, presents findings from the October 2020 survey of 2,147 adults who acknowledged some role in household insurance purchasing decisions.
