The Coronavirus hasn’t just changed the very fabric of the way we live, it’s dramatically changed the way we spend our money. Let’s take a look at some of the ways this pandemic has altered our spending habits both in a negative and positive way.
1. A Third Of Americans Are Stress-Spending
With a global pandemic at hand, it’s no surprise that many people are feeling more stressed out than usual. There are many different coping strategies for stress, and for some, it’s spending money.
2. Online Shopping Is Up 60% Over Last Year
With more time stuck at home and most nonessential stores closed down, Americans have taken their shopping online. Online sales of consumer packaged goods are up 60% over the same week last year.
3. Hand Sanitizer Sales Grew More Than Any Other Item In Stores
Though we’re forced to do more shopping online, essential businesses are still open to the public ― and the one item that’s seen the biggest surge in sales at physical stores is hand sanitizer.
4. Frozen Items Are The Most-Purchased Foods
As Americans worry about limiting their trips to the grocery store and potential disruptions to food supply chains, many are focused on buying foods that keep for a long time.
5. Spending On Transportation Is Way Down
More than 20% of respondents who regularly relied on buses, subways, or trains said they no longer will, while another 28% said they will likely use public transportation less often. Ride-sharing apps are also suffering. More than half of those surveyed who had used ride-sharing apps and services said they will stop using them completely or use them less. Only 24% said they will stop using taxis and other traditional car services.
6. 40% Of Spenders Rely On Contactless Payment
There have been concerns over physical cash and its potential to spread the coronavirus. In light of this, consumers are turning to technology to mitigate their risk.
7. A Quarter Of Shoppers Are Buying More From Local Businesses
With mandatory shutdown orders for nonessential businesses, even major retailers are feeling the pinch. Smaller mom and pop shops are especially hurting financially, which has prompted some people to prioritize shopping locally.
If you’d like to read the full article from HuffPost that we referenced on the air this morning, click here!