The coronavirus pandemic has changed the way millions of Americans purchase goods. A new survey shows that even when the pandemic is over, consumer spending will look different than before.
Post-pandemic, consumers are expected to spend less money on various forms of entertainment, including concerts, movie theaters, dining out, gym memberships and more, according to a poll released by creditcards.com.
Of the survey respondents, 45% said they would cut back on tickets for movies, sporting events, concerts and theater, while 44% and 38% of survey respondents said they would pare down spending at bars and restaurants, respectively. 31% of respondents said they will spend less on gym memberships, 28% said they will spend less on childcare, 24% said they would spend less on hair cuts and styling, 24% said they would spend less on housekeeping, and 14% said they would spend less on charity donations when the pandemic is over.
Ted Rossman, industry analyst at CreditCards.com, said that consumers themselves will curb spending in these areas after the pandemic, once governments across the country lift restrictions on indoor dining, large gatherings and more.
"Perhaps that's because they're struggling financially, they learned to live without this activity during the quarantine or they worry it won't be safe even after restrictions are lifted," he said.
Some survey respondents, though, actually said they expected their spending in certain areas to increase. Of people who spent money in the categories pre-pandemic, 32% expect to pay more for child care, 28% expect to pay more for charity donations, 26% plan to pay more for housekeeping, 19% plan to pay more for restaurants, 18% plan to pay more for gym memberships, 17% plan to pay more for hair services, 16% plan to spend more at bars, 14% plan to spend more on sports, concerts and theater tickets, and 12% plan to spend more on movie tickets.
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Samantha Stokes
Samantha Stokes, based in New York, is a staff reporter at American Lawyer covering the business of law. You can reach her at [email protected] or on Twitter: @stokessamanthaj.
