Spending Money in the COVID-19 Era
Published on 6/9/2020
Have your spending habits changed recently? Chances are they have. This isn’t anything unusual. Most everyone in the country has had to alter where they put their money. It’s strange to look at the effect something like the Coronavirus has had on the world. Before, people had the ability to go out, work, purchase goods and services, and go home. Nowadays, we have the ability to stay home, maybe work, occasionally go out if we absolutely have to, but mostly just end up staying indoors.
So, where is all the money going?
It should come as no surprise that grocery shopping is high. There was a 7% increase in grocery shopping between March 26 and April 1. You might not find that to be a big deal, but that is much higher for this time of year. Along with grocery buying, online shopping has obviously skyrocketed, and alcohol sales have kicked up by roughly 25%.
Along with food, streaming services are booming. With no one going out and a whole lot of nothing to do, people are flocking to Netflix, Hulu, Amazon Prime, and YouTube for their escapes.
Unfortunately, most everything else has dropped significantly. With live venues closed, a lot of industry is struggling to stay afloat. Restaurants in particular have been hit significantly. Fast food is still a thing, but even that has seen a large drop in activity. Luckily, some restaurants have been able to remain open, delivering food and doing curbside pickup. While there is still some money to be made from this, most people are still not trusting takeout. Safety is trumping convenience.
Shopping has dropped significantly. A lot of people are finding themselves short on cash, so buying and selling have faded quite a bit.
Also, the health and wellness businesses are decidedly low. One would think under the circumstances that places like pharmacies would be hotspots. Not so in the age of COVID-19. Transportation is also down. With restrictions the way they are, the industry has plummeted.