How The Pandemic Has Changed Our Spending Patterns
As the vaccines are becoming more and more available people are beginning to look beyond the pandemic toward what they might do to splurge a little bit when things look brighter.
Lending Tree recently commissioned a study and found that about 80% of us planned on doing something to celebrate when the time is right.
According to this study about 30% said they planned to celebrate somehow immediately after being vaccinated. 52% said they'd probably wait a while.
Of those who said they'd splurge the most common items were a trip or a fancy dinner out.
Some of us have admitted to splurging on things during the pandemic just to feel safer. Things like grocery delivery and high quality masks topped the list. High quality vitamins and home workout equipment also made the list. Many of these respondents also indicated that they'd continue to splurge on things like grocery delivery once things are under control.
Even after being vaccinated, more than half of us (55%) said they planned to continue saving as much money as they could to prepare for future unexpected events. 37% said they'd continue to work on saving money but would ease up a bit when things settled down, and about 8% said they would stop saving once this was all done.
Survey participants where also asked how long it would take before they felt financially secure again. 25% said they felt financially secure now, 23% said it would take a solid six months or so, and 21% said they expected it to take about a year. On the other end of the spectrum, nearly one third said they wouldn't feel secure for at least a year and possibly never.
The study involved more than 1,200 Americans between the ages of 18 and 74 and was conducted in December of 2020. You can see more information on Lending Tree's website.