Spending Behind the Screen

The holiday season is usually the busiest time of year for folks when it comes to shopping. Stores and restaurants are jam-packed with people rushing to get their holiday shopping done. However, this year, due to the pandemic, the holiday season is going to look a little different. Because stores are closing and restaurants are getting shut down, you might think consumers would cut back on their holiday shopping. Yet, the opposite is happening. Although in-person shopping has decreased, consumers plan on spending about $100 more this year on online shopping. This year Black Friday’s online shopping increased by 21.6 percent compared to last year’s. From now until the end of the year consumers are likely to spend over $28.1 billion more using their smartphones compared to last year. Online retailer’s revenues look even higher with the possibility of a second stimulus check. This pandemic did not hold consumers back from engaging in holiday shopping and it doesn’t look like they will be slowing down anytime soon. Innovation in technology and online shopping should be commended for encouraging spending during a time when most people would have been afraid to spend. However, you should still be careful about overspending and not go over your budget especially if your income has been affected in any way due to the pandemic. Stay safe with your online purchases and try avoiding giving credit card information to sketchy online stores. Other than that, happy spending!