CHARLOTTE, N.C., Dec. 1, 2020 /PRNewswire/ -- With another
deadly wave of the coronavirus outbreak likely to take grip this
winter, more than a third of consumers — or 86.7 million Americans
— have already started stockpiling household supplies.
Many consumers remember all too well the frustrations of going
from store to store in the early months of the pandemic, in an
effort to find such scarce products as toilet paper and hand
sanitizer. Not only are consumers taking strides to avoid a repeat
of that scenario, but many are spending more money in the process,
a LendingTree survey has found.
Full report:
https://www.lendingtree.com/credit-cards/study/87-million-stockpiling-for-coronavirus-winter-wave/
Key findings
- More than a third of consumers (34%) — or 86.7 million —
have already begun stockpiling supplies for a potential winter wave
of COVID-19. An additional 35% plan to stockpile, but haven't done
so yet. That number jumps to 44% for parents with kids under 18
(compared to 28% with adult children and 26% with no kids).
- Of those who have begun stockpiling, the most-purchased
items include: food (64%), hand sanitizer (61%), cleaning supplies
(60%), face masks (60%), water (49%) and paper products
(49%).
- Consumers have spent $359 on
average stocking up on coronavirus-related supplies during the
month of October and the first week of November. When we
conducted a similar survey at the beginning of the pandemic in
March, Americans had spent $178 on
average.
- 49% of Americans said there were some supplies they regret
not purchasing when the first wave of the coronavirus pandemic hit
the U.S. Among those with regrets, paper products (49%),
cleaning supplies (46%), hand sanitizer (43%), face masks (38%) and
alcohol (30%) were the items consumers most wished they had stocked
up on.
- 27% of consumers have credit card debt related to purchasing
pandemic-related supplies. Those most likely to be in debt
include Americans laid off or furloughed due to the pandemic (42%
vs. 15% whose income was not impacted) and parents with young
children (39% vs. 18% of those with adult kids and 19% of those
with no kids).
The uncertainty surrounding the pandemic may cause anxiety, but
preparing for the unknown can give you a sense of comfort — and
protect your finances. "Stockpiling is often impulse buying, and
the best way to combat impulse buying is by making a budget and a
spending plan," said LendingTree's Chief Credit Analyst,
Matt Schulz.
To view the full report, visit:
https://www.lendingtree.com/credit-cards/study/87-million-stockpiling-for-coronavirus-winter-wave/
Methodology
LendingTree commissioned Qualtrics to
conduct an online survey of 1,050 Americans, with the sample base
proportioned to represent the overall population. The survey was
fielded Nov. 6-9, 2020.
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student loans, insurance, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree
MEDIA CONTACT:
Morgan
Lanier
morgan@lendingtreenews.com
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SOURCE LendingTree.com