How the coronavirus transformed the way Americans spend their money

[Demovictory9]

go to the nyt link to see many charts showing how spending has changed

Link to tweet

https://www.nytimes.com/interactive/2020/04/11/business/economy/coronavirus-us-economy-spending.html?smtyp=cur&smid=tw-nytimes

How the coronavirus transformed the way Americans spend their money
The coronavirus has profoundly altered daily life, ushering in sweeping upheavals to the U.S. economy. One immediate effect of the crisis: radical changes to how people spend their money.

In a matter of weeks, pillars of American industry essentially ground to a halt. Airplanes, restaurants and arenas were suddenly empty. In many states, businesses deemed nonessential — including luxury goods retailers and golf courses — were ordered closed.

“This is the sharpest decline in consumer spending that we have ever seen,” said Luke Tilley, chief economist at Wilmington Trust.

All of the charts in this article are based on a New York Times analysis of data from Earnest Research, which tracks and analyzes credit card and debit card purchases of nearly six million people in the United States. While the data does not include cash transactions, and therefore does not reflect all sales, it provides a strong snapshot of the impact of the virus on the economy.

Some companies like Walmart, Amazon and Uber Eats have seen spikes in purchases. But customers of many other businesses have simply stopped spending, the data shows.

[jimfields33]

1. Funny they needed a study for this

I’d say most everyone could have came to the same conclusion easily.

[Demovictory9]

3. lol... agreed

[PSPS]

2. A lot of these changes will likely be permanent and we'd be better for it as a society