58 Million Americans Are Spending More Money During This Pandemic
Think people are pinching their pennies? Think again.
I'll be the first to admit that as soon I heard about this pandemic, I immediately sealed up my piggy bank. My husband and I are on a budget with some allowances for fun stuff, but I have a tendency to want to hold onto every dollar we have. I've never been a big spender, but the fear of the unknown pushed me further into my over-saving ways. I know I'm not alone in this however, there are quite a few people who are actually spending more in the midst of this pandemic.
And it's because of "comfort buying."
First let's start with who is spending more money. A recent survey conducted by WalletHub has found that 58 million Americans are forking over more money during this time of social distancing. Online shopping is obviously something to do to keep us entertained, but that same survey found that 43 percent of people are shopping to make themselves feel better. It's retail therapy that lifts our mood.
Now, what are people buying?
Aside from essential items, 29 percent of our money is going toward entertainment, like streaming services and video games. This makes sense given that we have been stuck in our homes most of the day. In addition to entertainment, 23 percent of social distancers' money is going toward alcohol, followed clothing at 15 percent and beauty products at 13 percent.
Tell us something you've bought during this time to comfort yourself.
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