COVID-19 Spending Habits of the Globe
Life during COVID-19 has been unlike that of any time period in recent history thanks to government guidelines transforming the way that society functions.
The effects of the pandemic have impacted global spending habits quite dramatically as priorities have noticeably changed.
Many people are isolated within their homes whilst several international travel bans were set in place to halt the spread of the virus.
Analyzing spending habits shows that travel-related spending has taken a huge hit, whilst investment in home supplies boosted considerably.
This is potentially the perfect comparison to summarise the way in which COVID-19 has influenced general spending.
Within the first month of the pandemic, consumers spent up to 49% more money on groceries compared to the previous month, which may explain the hundreds of bare, empty supermarket shelves.
When it comes to travels the total number of people who generally pass through a TSA checkpoint each day is often in the millions, yet March saw the numbers drop below 1 million followed by a sharp plummet with daily numbers never quite reaching the 400,000 marks in either April or May.
It’s been reported that many people are dealing with a significant negative impact on their general finances.
Whilst a large percentage of people also confessed to pushing off major life events such as getting married, having a baby, or buying a new home.
Receiving any furloughed payment is likely going to be considerably less than your usual take-home wage, so this of course will influence the spending habits of the globe.
COVID Spending Habits
Infographic designed by Quicken