How COVID-19 Could Change Our Spending And Saving Habits Forever

As a society, we are conditioned to be acquisitive. New is great. More is better. Bigger is best. But when faced with real challenges, purchasing reverts to the bottom end of Maslow’s hierarchy: food > shelter > safety health, and we are left to reevaluate what really is enough–from our money to our activities to our stuff. In the U.S., 70% of the GDP is made up of consumer spending. Our everyday purchases, large and small, drive value for the economy and the markets. And right now, our everyday purchases are being significantly curtailed by quarantine, income instability, and–for tens of millions of people–unemployment. Even for those lucky enough to still be on a salary, spending patterns have changed significantly. Spending is up at grocery stores and for some home goods, and it’s down pretty much everywhere else. New lifelong habits can be formed in a few short months. Read more at Fast Company.