Evans Wealth Management Blog

Articles written by Evans Wealth Management are designed to educate clients & potential clients on concepts important to their financial future.

Effects of the Virus on Spending Patterns

Significant changes in lifestyle have materialized as a result of the Coronavirus. One large change you may not have been aware of is a change in spending patterns. Here are the winners and losers resulting from the Coronavirus-influenced spending patterns:

Winners:

Sales in food and beverage stores increased an astounding 25%, achieving one of its highest sales gains on record. General merchandise and health and personal care sales were also close to historical records, but the gains were much more modest. Online shopping sales increased slightly.

Losers:

Clothing sales have been hit the hardest out of all retail sales, decreasing by 50 percent, the worst decline in decades. Furniture sales and bars and restaurants observed a 26 percent decrease in sales, also the worst in decades. Even autos and parts dealers and sporting good sales have declined by over 20 percent. Gas stations are seeing their second worst sale decline on record.

With spending patterns disrupted, it is an opportune time to reassess existing habits. What have you missed during this period of being inside? What have you been able to do without? Your answers to the former question are likely to lead you toward what you truly value. As life begins to normalize, the latter group of items and activities make good targets for permanent postponement.

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