COVID Cash-What Are We Buying In The First 100 Days
Friday (June 19th) marked 100 days since the World Health Organization declared a global pandemic. In an effort to save lives and save the medical system, America basically shut down all but the so-called "essential services. The impact on the workforce and the economy is unprecedented.
In the wake of all that, Marketwatch asked the question - what were Americans buying in that time?
An analysis of Nielsen finds that recently grocery store sales have dropped after spiking a record 14.4 percent in April. Also, some people have found the time and money to upgrade their wardrobe as sales have soared 188 percent at clothing stores, home furnishing sales have climbed 90 percent, and stores selling books, music, and sporting goods saw an 88 percent increase recently after slumping sales in March and April.
Food-service restaurants were down 40%. With almost 80% of consumers in surveys expressing a desire to work more from home in the future, people will cook more at home, Nielsen said.
At the same time, many people are merely trying to keep their heads above water, as 30 percent of people said they used their $1,200 stimulus check to pay bills in a survey earlier this month.