About 58 million Americans are spending more money now than before social distancing according to the personal finance website WalletHub. While some overspending may be attributed to stockpiling essentials, WalletHub analyst Jill Gonzales says many shoppers are “comfort buying” online.
“Relieve your stress, relieve your boredom. About 43 percent of Americans have participated in comfort buying due to social isolation,” said Gonzales.
Of those who have engaged in comfort buying, 63 percent are keeping their purchases below $150. Around 60 percent of people aged 30-44 report comfort buying compared to just 32 percent over the age of 59.
Gonzales says in terms of the non-essential purchases, most of it is related to entertainment.
“Your Netflix, your Hulu, all of these subscription services are about 30 percent of it. Another 25 percent or so is alcohol. After that, people are still buying clothing, beauty products, and some people are buying toys,” said Gonzales.
Gonzales says deliveries are causing anxiety for shoppers.
“About 57 percent of people are concerned about the safety of packages delivered during the pandemic and 60 percent of people are concerned about the safety of having food delivered during this time too,” said Gonzales.
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