Spending

How Has the Pandemic Changed Your Spending Habits?

(Bloomberg Opinion) — One of the few bright spots in a very challenging year has been the monthly emails from my budgeting app showing huge declines in my spending. I can’t take much credit for the drops, given all the Covid-19 restrictions and risks that have prevented my family from spending at usual capacity. But still, it’s nice to see something moving in the right direction.

The app says we’ve been saving between $2,000 to $3,500 each month since March. And compared to the same period in 2019, our credit-card balances are down 25% to 30%, led by a complete halt in travel, dining out and my thrice-annual hair-color appointments. 

This echoes some of the broader spending trends in the U.S. According to the Bureau of Economic Analysis, categories like clothing, recreation and food services experienced rapid declines in the second quarter of 2020, compared with previous quarters. 

Some of

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Data Reveals Millennials Are Increasing Online Spending

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While 64 percent of Generation Z, 60 percent of Millennials, 58 percent of Generation X, and 63 percent of Baby Boomers reported reduced spending throughout the pandemic, Clutch’s latest research found spending decreases were found to have affected each generation differently. Millennials, the company said, have been seen shifting spending habits to consider present concerns rather than focusing on the future.

In the early weeks of the pandemic, the company’s survey showed 60 percent of Millennials were spending less overall, though spending more on groceries, alcohol, restaurants, and health and beauty. Cost savings and increases are in part due to wide restrictions put on lifestyles. In fact, 40 percent of Millennials reported having increased grocery expenses during the pandemic. However, the company also found Millennials are saving money due to travel restrictions. Twenty-three percent have canceled existing travel plans and an additional 32

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