As a coping mechanism for these events, many are relying on impulse purchases to make it through this pandemic. In January 2020, the average U.S. citizen was spending $155.03 per month on impulse shopping. By the end of April, that average had increased by 18% to $182.98.
With an estimated 27% saying they’ve spent over $200 on a single item since COVID-19 appeared. The reason for many people spending money at a time like this is stress relief.
The items that have experienced a surge in demand are cleaning supplies (42%) listed as the top purchase. Hand sanitizer (38%), toilet paper (35%), hand soap (32%), canned food (31%), and dish detergent (30%) were the next most popular buys. Some are still buying more traditionally fun goods, though. Other impulse buys reported included clothes (22%), video games (20%), books (17%), and headphones (18%). Also, 21% said they’ve recently bought themselves something they’ve had their eye on for awhile. With the preferred site for shopping being Amazon.
Due to the myriad ways COVID-19 has changed day-to-day routines, many are spending money on services they never considered previously. 46% ordered groceries online for the first time, 47% purchased a new streaming service. Meanwhile, 35% tried out a different food delivery service.
While retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the corona virus. The migration toward online purchases accelerated, with an 8.4% monthly gain.
And while many individuals have been furloughed or let go from their jobs, affected by the pandemic, certain other sectors are still thriving despite the tanking economic, like the luxury goods and real estate ones, as previously reported on past posts.