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COVID-19 had changed nearly every aspect of my daily life, the most obvious impact is on my consumer spending. It's interesting to observe how my expenses had changed over the past 6 months. I definitely will carry over some new habits post Cover-19 and will expect to see higher savings rate.
Changes to my consumer spending
- Spent $0 on home entertainment and apparels for the past 6 months
- I have spent much more on groceries (helping out with household expenses)
- My transportation and dining out costs decreased drastically
- For purchases, April's amount is exceptionally high because I spent on IPAD and Taobao. The cost of the Ipad is offset with miles (expiring) as I don't see myself travelling by early Dec 2020
I usually do my shopping on Taobao/Aliexpress due to the insane cost savings (it could be 50% cheaper)
I am pretty excited that my dining out expenses halved from February to May. Although my groceries’ spending increased significantly (cooking and baking), the amount is definitely much lesser if I were to dine out.
New habits that I will carry on post COVID-19
Reduced eating out
Now that I am so used to preparing my own meals and sweet treats, I will definitely think twice before eating out. For health and financial reasons. Continuing to rein in on my spending in this area means more money to invest.
Zero/reduced paid fitness activities
Before COVID-19, I had spent a total of $2.7k on Muay Thai and Yoga classes. While some activities definitely have to be done in person and with an instructor, I think I will pretty much stick to Youtube for my workouts. I noticed that Chloe Ting had gained close to 5 million subscribers during this period. The fitness industry has sure been shaken up.
Some observations around the world
McKinsey & Company did a neat report on the impact faced by various industries from Covid-19
- Strategic consumer spending in home entertainment, necessities
- Alarming decline: restaurants and out-of-home entertainment
- Travel & Transportation: inevitable decline in revenue and jobs at risk
- Apparel: worrying slowdown. Both online and offline sales for businesses the world over are also taking a major hit.
There's a positive relationship between optimism and higher spending. Generally, there should be a spending increase post pandemic even if life after the pandemic will look significantly different.
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