How did Canadian consumer behaviours and attitudes change during the second year of the COVID pandemic, and how should financial institutions respond? Get answers to these questions and more in our latest report:
2021 Update: COVID Impact on Consumer Financial Services
We're pleased to report that the Canadian version of this popular report is now available for you to download. Findings are based on the results of our 2021 online survey of household decision-makers in Canada, as well as a comparison to the previous year's survey results.
In 2020, Phase 5 conducted a study of over 2,000 North American consumers to better understand how COVID-19 in its early days had affected their actions and outlook related to consumer financial services specifically.
In 2021, we returned to the Canadian market with that same study plus a few additional questions given the context and wisdom provided by another year. Findings from this new study (and its comparison to previous results) have given us insights regarding key elements of the “new normal”, and the financial services FIs can offer to meet consumers’ needs. Insights include:
- What proportion of consumers are planning a major purchase in the next 12 months?
- How are consumers planning to finance those big purchases?
- When do consumers tend to rely on their Primary Financial Institution, and when do they shop elsewhere?
Download the topline report here, and then contact us to discuss further, and to obtain a complete report customized for your business.
