LIMRA and Genworth
have squeezed out a few drops of post-COVID-19 consumer survey data.
Marketers are still trying to figure out how
consumers have changed since the spacetime continuum ruptured, and people began
staying home in an effort to avoid COVID-19.
LIMRA and Genworth Financial Inc. have posted
a little new consumer survey data from the new pandemic world.
LIMRA based its figures on
survey responses collected on May 19 and May 20 from about 2,000 U.S. consumers
ages 18 and older.
Genworth based its figures on
responses from about 1,000 U.S. consumers ages 18 and older. Genworth collected
its responses May 18 and May 19.
Here are five things the companies found.
1. Overall satisfaction with
economy has plummeted.
About 56% of LIMRA survey participants said
they had a “very favorable” or “somewhat favorable” opinion about the economy
in January.
In March, the percentage with a very or
somewhat favorable opinion about the economy plunged to 25%.
In May, the percentage fell again, to 21%.
2. Consumers may be a little more optimistic
about saving for retirement and buying insurance in May than they were in
March.
LIMRA asked the survey participants how much
impact they thought a recession would have on various aspects of their lives.
The percentage who said a recession would have
a strong, or very strong, impact on saving for retirement fell to 41% in May,
from 50%.
The percentage who said a recession would have
a strong, or very strong, impact on their ability to meet their insurance needs
fell to 29%, from 35%.
3. More consumers now know what “caregiving”
means.
Changes and restrictions related to the
COVID-19 pandemic caused about one-third of the Genworth survey participants to
suddenly begin providing a new level of care for either a adult or a child. The
caregivers said they spent an average of nine hours per week on their new
caregiving responsibilities.
4. Consumers say they’re thinking more about
the future.
About 34% of the Genworth survey participants
said the pandemic has made them want to improve their financial planning, 37%
said it has made them want to improve their physical health, and 39% said
it has made them more willing to prioritize saving for their future.
5. Consumers might be more interested in long-term
care planning.
Genworth, which sells long-term care
insurance, says 32% of its survey participants said they want to make
sure they can afford to get any long-term care services they need in the
setting of their choice.
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