There is no doubt that COVID-19 has impacted the economy significantly, as many businesses have struggled with finance, lost money, or had to shut down. But is there still hope in the American economy? Provoke Insights conducted our third wave of in-house trends research, which focuses on discovering market trends and consumer habits in 15 different industries, including finance.

Perceptions of the Economy

Over two-thirds of Americans (70%) are concerned about the economy. However, worry about the economy is down 10% since the beginning of the pandemic. Those who are more likely to be concerned with the pandemic’s economic impact include parents, women, and members of Generation X.

Trust in Financial Institutions

Overall, only a quarter of Americans trust financial institutions. The majority (63%) are neutral, but 9% do not trust them at all. Our data show that the more wealth a person has, the more faith they place in these institutions. Moreover, people with the COVID-19 vaccine place more of their trust in these banks, investment firms, and more.

Who is Investing?

Only one-third of Americans have an investment account, and only one-fifth have traded cryptocurrency. Investors are more likely to be male, have a higher household income, be married, and have children. Furthermore, individuals who invest tend to have an online account, even those with financial advisors.

Are Americans Ready to Retire?

No, they are not! Less than half of Americans have prepared for retirement. Unsurprisingly, people with a higher household income have saved more. Additionally, other groups who tend to have a retirement plan account include those living in the Northeast, Baby Boomers, males, and Republicans.

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute online survey in autumn of 2021 among 1,504 Americans between the ages of 21 and 65. Provoke Insights uses a random stratified sample methodology to ensure a high degree of representation among the U.S. population. (This includes household income, age, gender, geography, ethnicity, and children living in the household.) Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%. 

The COVID pandemic has generated drastic changes in all aspects of our lives. How has the shift from in-person to virtual impacted Americans’ fitness habits and the ways we exercise? With Provoke Insights’ third wave of in-house trends research, we aimed to recognize consumer trends in 15 different industries, including how people have changed their exercise habits.

Who is Hitting the Gym?

While about 1/5 of Americans say they are working out more (22%), almost 1/4 say they are working out less (24%). Those who are working out more include hybrid workers, Hispanics, and affluent Democrat parents living in cities.  Americans who are exercising less tend to be women, those living in rural areas, unvaccinated, lower-income, and older.

Does Working Out Make Americans Happier?

During COVID-19, optimism and working out appear to correlate with each other. Those who exercised more during the pandemic were happier, as over four-fifths (84%) of those who work out more claim to be moderately/very optimistic. For those who work out less, less than three-fourths (73%) are optimistic. In addition, people who exercise more are often more concerned about COVID-19 impacting their health.

Virtual vs. In-Person Workouts

Has the fitness world gotten the hang of “virtual” instruction? Provoke Insights’ research shows that those who work in a hybrid model most often believe that using video workouts, such as Zoom or the Peloton, is as beneficial as going to a gym. Despite this, over one-fourth of Americans (27%) still believe that working out via video is NOT as beneficial as the gym. Even though many believe working out via video is not as good as going to the gym, only about ¼ (28%) are comfortable working out in brick-and-mortar gyms.

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute online survey in autumn of 2021 among 1,504 Americans between the ages of 21 and 65. Provoke Insights uses a random stratified sample methodology to ensure a high degree of representation among the U.S. population. (This includes household income, age, gender, geography, ethnicity, and children living in the household.) Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.

How has COVID-19 changed the way Americans think about travel? Although many continue to have concerns about traveling, the majority still plan to visit their friends and family and take vacations, as seen in Provoke Insights’ third wave of in-house trends research. In this research, our goal was to discover habits, trends, and consumer attitudes in 15 different industries, including the travel industry.

Americans Have Travel Concerns

Many Americans (49%) are moderately/extremely concerned about taking a vacation due to COVID-19. Groups who are more worried about traveling include those who are Black (62%), Democrats (60%), and vaccinated (52%). In addition, older Americans, such as those in Gen X and Baby Boomers, are significantly more likely to not be traveling.

Why are People Traveling?

Among those who are traveling, half plan to travel to visit friends or family (50%) or for leisure (48%). Business travel is much less popular, with only 13% of professionals planning to travel for business. These individuals tend to be vaccinated, are older, and have higher household incomes. Almost one-third (28%) of Americans plan to not travel at all. Those likelier to not travel include those who are less wealthy, live in rural areas, and older Americans.

Travel Patterns

People are often avoiding airplanes. Traveling by car is the most likely travel method for Americans who are visiting friends and family (69%) or taking leisure vacations (55%). However, Americans traveling for business are mostly traveling via airplane (63%) and staying in hotels (79%).

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute online survey in autumn of 2021 among 1,504 Americans between the ages of 21 and 65. Provoke Insights uses a random stratified sample methodology to ensure a high degree of representation among the U.S. population. (This includes household income, age, gender, geography, ethnicity, and children living in the household.) Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%. 

What are you buying your special someone this year? A new necklace? Maybe a watch? On the other hand, perhaps you are looking for a reservation at a local restaurant. In fall 2021, Provoke Insights launched a new wave of our bi-annual study to help brands understand consumer purchasing habits and trends that impact their industry. The goal of this research was to gain a national perspective on the mindset of consumers. In total, we released 15 separate industry reports. In the spirit of Valentine’s Day, here are some insights into the retail, jewelry, and restaurant industries.

In-person shopping is back

Apprehension for in-person shopping has significantly decreased since the beginning of the pandemic, as more than half of Americans have little-to-no concern about visiting stores. Despite this, a quarter of consumers still prefer shopping online. While consumers have been impressed with cleanliness since returning to stores, they have been disappointed with product availability.

Jewelry is on the rise

Both jewelry and watch purchases are slightly up from early 2021. This holds true even as women report wearing less jewelry than they did pre-COVID. In addition, Americans as a whole are still dressing more casually. Is jewelry really what your special someone is looking for this Valentine’s Day? Most often, it is affluent customers that are making these luxury purchases, as they are willing to pay for sustainably sourced products or to stay on top of trends.

Order up!….with your phone

During the COVID-19 pandemic, many restaurants integrated new technologies to provide a cleaner and safer environment for customers. Overall, paying at the table is seen as a much better restaurant experience for patrons. However, Americans have mixed views about accessing menus via QR codes. These new tableside tech additions are more popular among younger, and probably more tech-savvy consumers.

Download the full reports for free here.

Methodology

Provoke Insights conducted a 15-minute online survey in autumn of 2021 among 1,504 Americans between the ages of 21 and 65. Provoke Insights uses a random stratified sample methodology to ensure a high degree of representation among the U.S. population. (This includes household income, age, gender, geography, ethnicity, and children living in the household.) Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%. 

Due to the COVID-19 pandemic, some Americans have been staying in more and going out less. The unpredictability of the coronavirus has many divided over whether they raise their glasses at restaurants, in small gatherings, or via Zoom happy hours. As we continue into the third year of the pandemic, how have American alcohol purchases changed? In Provoke Insights’ third wave of in-house trends research, we set out to track habits, trends, and consumer attitudes in 15 different industries, including the alcohol industry.

People are Purchasing More Alcohol

Despite the pandemic, more and more consumers are returning to bars and restaurants, and alcohol purchases have been increasing. Compared to January 2021, beer purchases among Americans have gone up 13% and liquor purchases 9%. Wine purchases grew the least, with a 3% increase. It is also interesting to note that about half of Americans purchased beer (52%) and liquor (44%), while only about one-third purchased wine.

Who is Purchasing Alcohol Products?

Almost two-thirds (63%) of beer purchases are male. They are also more likely to have kids, have a household income of $100k+, and be Millennials. Liquor purchasers also tend to be male and have kids, but they usually live in cities and are Democrats. Wine purchasers are more likely to have a household income of $100k+, live in cities, and have kids. They also tend to live in the Northeast and be Millennials. Surprisingly, the only characteristic that is shared among different alcohol purchasers is the likelihood of having kids.

Concern About the Economy

Overall, a majority of Americans (70%) are concerned about the economy. Although wine purchasers make up a smaller percentage and are wealthier, they tend to be more fearful about the economy. Three-fourths (74%) of wine purchasers are moderately/extremely concerned about the economy, compared to 70% of beer buyers and 69% of liquor purchasers.

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute online survey in autumn of 2021 among 1,504 Americans between the ages of 21 and 65. Provoke Insights uses a random stratified sample methodology to ensure a high degree of representation among the U.S. population. (This includes household income, age, gender, geography, ethnicity, and children living in the household.) Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.