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How Social Isolation is Influencing Our Buying Habits
The U.S. economy is heavily driven by consumer spending, with over 70% of the GDP coming from household expenditures annually. The Federal Reserve classifies this spending into two main categories: non-discretionary and discretionary. Non-discretionary expenses include essentials like food, medicine, housing, and clothing, while discretionary spending covers everything else—like entertainment, travel, and luxury items. In the last quarter of 2019, consumers spent an astonishing $13.4 trillion, fueling a strong and optimistic economic outlook for 2020.
But then, everything changed.
As the coronavirus spread globally, governments imposed lockdowns, shutting down non-essential businesses and urging people to stay home. Millions transitioned to remote work and home schooling, drastically altering daily routines. With fewer social interactions and more time indoors, how has this affected our spending habits? Are we buying more or less now that we're confined to our homes? Let's explore the changes.
**Impulse Buying**
Being stuck at home with limited social interaction has led to increased anxiety and depression for many. This emotional shift has triggered a surge in impulse online shopping, often referred to as "retail therapy." For many, shopping online offers a sense of control and comfort during uncertain times. This trend has been especially noticeable on platforms like Amazon, online fashion retailers, and grocery delivery services.
However, the rise in online orders has created logistical challenges. Delivery times have slowed, and warehouses are overwhelmed. To cope, companies like Amazon are hiring thousands of new workers to manage the increased demand.
**Hoarding Supplies**
In the early stages of the pandemic, people began stockpiling essential goods, leading to empty shelves in supermarkets. Items like toilet paper, hand sanitizer, and bottled water were quickly sold out. Grocery stores had to implement purchase limits, but shortages persisted in many areas.
This behavior isn't entirely new—people tend to hoard supplies during natural disasters. However, the scale of the hoarding during the pandemic was unprecedented. Shoppers filled carts with large quantities of food, including meat, milk, bread, and frozen meals, as they prepared for the unknown.
**Buying Material Goods**
Discretionary spending, once considered optional, has taken on new meaning during the pandemic. According to Psychology Today, uncertainty and fear can drive materialistic tendencies, encouraging people to buy luxury items to regain a sense of control and security. While these purchases may not serve a practical purpose, they offer psychological comfort.
For some, owning a high-end car or a designer handbag is more about status and identity than function. During a crisis, such purchases can provide a temporary escape from stress and a feeling of normalcy.
**How People are Buying**
With physical stores closed, more people are turning to mobile apps and e-commerce platforms to meet their needs. While this shift lacks the social experience of in-store shopping, it helps maintain social distancing and supports public health efforts.
Restaurants, too, have adapted by using delivery services like UberEats, GrubHub, and DoorDash. These platforms have allowed food businesses to stay open and continue serving their communities, even under strict restrictions.
**Get Your Water Cooler Rental!**
With fresh, clean water becoming harder to find in stores, consider upgrading your home’s water supply with a bottleless water cooler system from Office H2O. We’re currently offering our services to all residents of Indiana due to the ongoing pandemic. Contact us today to learn more about our advanced filtration systems that remove harmful bacteria and viruses right from your tap.
*Photo by Andrea Piacquadio from Pexels*
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