CHARLOTTE, N.C. — More than 40 per cent of Americans are spending less during the Coronavirus pandemic, according to a second report in a three-part series from personal finance app Stash and LendingTree.
Among the key findings of the report are the following:
• More than four in 10 Americans cut spending amid the Coronavirus pandemic, but not everyone has had the ability to do so, especially low-income individuals and people of colour
• The top-three items consumers have increased spending on during the pandemic are:
- face masks (76 per cent)
- groceries and necessities (60 per cent)
- digital-entertainment subscriptions (40 per cent)
• The top-three items consumers have decreased spending on are:
- dining out and/or nightlife (67 per cent)
- travel (58 per cent)
- car rentals or purchases (25 per cent).
• Seventy-five per cent of consumers said they’ll continue to limit their spending in at least one category through the end of the year. The top-two things Americans will continue spending less on in 2020 are dining out and/or nightlife (50 per cent) and travel (37 per cent).
