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Research & Analysis

How Will the Covid-19 Crisis Impact Consumer Behavior?

by Larry Cheng , Larry Cheng is a Co-Founder and Managing Partner at Volition Capital.

How has the COVID-19 crisis impacted Americans? When will consumers be ready to go back to normal? Has our behavior been permanently changed by this crisis?  To answer these and other questions, Volition Capital surveyed over 1,000 consumers on April 17, 2020, about their experience of this crisis and their perspectives moving forward.

The study has been referenced in the following articles:

Key Takeaways:

  • Americans have been broadly impacted by this crisis but in different ways. 41% know someone who contracted Coronavirus, 34% have had their employment/wages impacted, and 55% cannot work from home effectively. 
  • Going back to normal is a long way off. 80% expect a second wave of COVID-19, 32% would not go to a large group gathering until 2021 or beyond, 60% expect housing values to go down and 30%-40% expect to travel less and spend less in the future.
  • There will be a new normal in the future as consumers have adopted new services and technologies during the pandemic that they will carry into the future including videoconferencing and grocery delivery. 


  • ~1,000 people 
  • National (US-based)
  • Online survey 
  • $25k+ income
  • Census-weighted gender distribution
  • No incentive 

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