WJR Business Beat

WJR Business Beat with Jeff Sloan: First Insight Study Results on COVID-19’s Lingering Economic Impact (Episode 167)

On this morning’s WJR Business Beat, Jeff shares results from a recent study by First Insight, which shows that even after we’ve been vaccinated against COVID-19, approximately half of all consumers polled say, “not so fast,” regarding a return to previous habits.

When it comes to having a comfort level to actually return to experiences like shopping in-store and dining in restaurants, it is beginning to appear as though 2021 could look similar to 2020, unfortunately.

Tune in to this morning’s WJR Business Beat to learn more:

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

Good morning, Paul.

We are all so eager to get the COVID pandemic and the associated economic crisis behind us, and to return to at least some aspects of the lifestyle we all love and have grown accustomed to: shopping at our favorite stores, dining at our favorite restaurants… just the simple pleasures of life.

However, when it comes to actually having a comfort level to actually return to experiences like shopping in-store and dining in restaurants, it is beginning to appear as though 2021 could look similar to 2020, unfortunately.

And while no doubt the vaccinations on the horizon present real hope, even after we’ve been vaccinated against COVID-19, approximately half of all consumers polled as a part of a study by First Insight in mid-January say, “not so fast.”

A study just completed by Stanford University researchers found similar results, making the outlook even more concerning for brick-and-mortar retailers and dining restaurant establishments.

The pandemic has forced consumer behavior to change in several highly relevant and impactful ways. Namely, pushing people online to do their shopping. And the convenience of order online and pick up curbside or even better, use one of the delivery apps and never need to go out to bring in one of your favorite meals.

Now, look, while it isn’t easy to hear the findings from the First Insight story, there is hope! Hope that all of the pent up demand that each of us feels to get out and shop and dine will offset the challenges that the First Insight study shows.

Stay vigilant! Follow the safety guidelines. Don’t get lazier, cavalier at this most critical and pivotal, and perhaps even transformative moment in our battle against this virus. Get vaccinated! If we keep fighting, maybe we can begin to finally work our way out of the health and safety crisis, as well as the economic one that all of us want and need to get behind us.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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