Consumer spending behavior during the pandemic has dramatically changed
It is no surprise that as we face a national pandemic, the economy is at major risk. As lockdown orders have been put into place, and our daily routines have been halted, we have all had to adapt to the situation in one way or another. Due to unemployment, financial struggles, and the closure of businesses, we have seen a shift in the average consumer’s purchasing behavior.
While we have the option to go out for essential items, this only comes down to a few categories. One of those categories is groceries. Food is an essential need that everyone must have access to. It might be due to boredom, finances, or the fact that consumers don’t have access to go to their favorite stores anymore. Whatever the cause may be, the economy has predicted to only see a positive growth in the food and nonalcoholic beverage sector.
According to fooddive.com, they say, “consumer spending projections are based on lifestyle trends that came out of the pandemic. Stay-at-home orders and widespread quarantines led consumers everywhere to stockpile food and beverages.”
By this we can see that many consumers have been changing their behaviors and lifestyles due to the pandemic. While consumers have been stockpiling their groceries, dramatically increasing food sales, other leisure and recreation services have seen a decrease in sales.
As the national pandemic has spread globally, there have been many different types of businesses that have been negatively affected. However, it’s a simple fact that food is needed for survival. No matter what your spending patterns used to be, we have all changed the way we consume items and services, especially food. In months to come, it’ll be interesting to see how sales in the food industry play out, and what effect it will have.
Article source: “Food and beverage is the only sector projected to grow this year, report says”
By Megan Poinski