COVID-19 pandemic increases average number of expenses
U.S. consumers are spending more with every shopping opportunity, in a physical store or through online shopping, due to the COVID-19 pandemic.
According to The NPD Group, average spend on shopping opportunities remained high at or above an average of $ 34 from March 2020 to July 2021. This is in part due to a general shift towards online shopping. , where the average sales prices and the amount spent on each transaction tend to be higher. The number of shopping opportunities per week is still lower than 2019 levels, indicating that the increase in sales is mainly caused by an increase in stock buying behavior, as consumers buy more on each occasion.
“Fewer errands to limit in-person contact in retail stores, combined with supply chain challenges of making fewer products available, means consumers are more willing to spend more now to get the products they need. Says Marshal Cohen, chief retail advisor. for NPD. “This dynamic changes the traditional pace of product seasonality and creates less price sensitivity. “
As of March 2020, the average amount spent per shopping occasion each month is between 13% and 29% higher than the same month of the previous year.
“The changing pandemic lifestyle is already influencing what consumers buy,” Cohen says. “Focus on reducing the frequency of in-store purchases, the continued strength of online shopping and the critical role of impulse buying will remain stifled. “