The past year has brought significant changes to our daily lives. Many people are now working from home, and unemployment rates have surged, with over 10 million Americans still seeking jobs. Children are learning virtually or being homeschooled, and numerous venues like bars, restaurants, and theaters remain closed in various regions.
Amidst these challenges, there have been notable shifts in consumer spending habits. A study by Ibotta, a cash-back app that helps users save on everyday purchases, highlighted some major shifts, especially at the onset of the pandemic.
Here’s a snapshot of the changes in spending:
- Spirits sales increased by 33%
- Bakery goods saw a 17% rise
- Purchases of meat, poultry, and seafood went up by 16%
- Sales of condiments, sauces, and seasonings climbed 15%
- Deli products also experienced a 15% increase
- Beauty and grooming products rose by 14%
- Canned goods and soups saw a 13% uptick
- Wine sales increased by 12%
- Frozen foods also rose by 12%
- Health and wellness product sales grew by 10%
Additionally, household essentials, beverages, and candies have all reported increases, likely due to the comfort we seek during these trying times.
Conversely, some sectors took a substantial hit. The apparel industry suffered a staggering 37% decline in sales. Spending on travel, entertainment, and transportation has also decreased dramatically. The demand for oil and gas has plummeted as more individuals work from home, leading to numerous retail bankruptcies, including well-known brands.
This shift in spending habits is not particularly surprising. I, too, have found solace in baked goods and spirits, stocking up on essentials like toilet paper and increasing my food delivery fees. Meanwhile, clothing purchases have taken a backseat. My wardrobe now consists mostly of comfortable loungewear, and entertainment expenses have drastically reduced. However, I did splurge on a movie rental when “Trolls: World Tour” was released last spring. Many others echo similar sentiments about their spending shifts.
For instance, Sarah Thompson shares, “Expenses for gas, activities like movies, and school-related fees have dropped considerably. But we decided to invest in faster internet and another streaming service.” Similarly, Tom Reed adds, “I’ve hardly bought new clothes and stopped my frequent salon visits. But technology spending has increased; we upgraded our devices for online learning.”
Interestingly, some purchases may seem quirky or unexpected. Nicole Sullivan, a mother of three, has been buying croutons in bulk, while Amanda Grant admits to purchasing items she sees advertised on TikTok, from makeup to gadgets. It’s fascinating how that cupcake liners and vanilla extract have become sought-after items during this time.
As Bryan Leach, Ibotta’s CEO, explains, “Given the changes we faced in 2020, it’s only natural for consumer shopping patterns to evolve. The increases in bakery items and beverages are understandable, considering how much time we are spending at home instead of our favorite coffee shops or bars.”
Looking ahead, Leach anticipates that while some shopping habits may revert to their pre-pandemic state, many shifts will likely persist. “While some behaviors may normalize, trends like online grocery shopping and curbside pickup are probably here to stay,” he notes.
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Summary:
This article discusses the significant changes in consumer spending habits during the pandemic, highlighting the increase in sales of bakery items and liquor while noting declines in sectors like apparel and travel. It emphasizes how the pandemic has reshaped our priorities and spending behaviors, with many opting for comfort foods and online shopping.
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Keyphrase: Pandemic Spending Trends
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