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2021 Update of COVID Impact Consumer Study Now Available

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 attitudes and behaviors related to consumer financial services. In 2021, we returned to the U.S. market with that same study plus a few additional questions given the context and wisdom provided by another year.

We're pleased to announce that the topline report of findings from this new study (and its comparison to previous results) is now available to download. View it today to learn more about how consumers' financial outlook has changed, how their spending plans have changed as a result, and where they are looking for financial products (hint: it isn't necessarily their primary financial institution).

Insights include:

  • What proportion of consumers are planning a major purchase in the next 12 months
  • What specific types of big purchases are being planned
  • How consumers are planning to finance those purchases
  • How consumers prefer to interact with financial institutions in 2021
  • When consumers tend to rely on their Primary Financial Institution, and when they shop elsewhere

Download the topline report now for an overview of key findings. You can also contact us for the complete study, for a custom report tailored to your organization,  or to simply to discuss how data can make your organization more customer-centric.

Written by Steve Hansen

Steve Hansen, MBA, is the President of Phase 5 US and the leader of the firm's Data Analytics practice. With almost 2 decades of experience in client-side marketing strategy, market research, and product management, Steve brings a client’s mindset and drive for actionable results to each project. He has extensive experience in capturing the view “from the outside” with a special focus on product and service innovation. Steve is based in Minneapolis, Minnesota.