To understand how consumers are being impacted by the pandemic, N26 has released global and U.S. specific consumer research. The company’s research included a survey that asked 10,000 adults across Europe and the U.S. to discuss how “their financial lives are being impacted” by the coronavirus pandemic.
According to new research by mobile banking platform N26, 78 percent of Americans have changed priorities when it comes to personal finances due to the coronavirus pandemic. While 63 percent of respondents cited the state of the economy, 59 percent cited health concerns as the reason for the shift in priorities.
Consequently, due to isolation measures creating new daily routines, Americans are actually saving $219.72 per month on average.
“A majority of Americans feel that their financial priorities have shifted for 2020 in light of the recent spread of COVID-19,” said a spokesperson from N26. “While some of these financial changes and trends may only last the length of this pandemic period, many will stay. People are starting to experience first-hand the benefits of digital banking from an app or desktop at home, having their money at their fingertips as well as some of the cool and innovative features to budget, save and transfer funds.”
Though grocery and miscellaneous food stores saw an increase of 25 percent and discount stores saw an increase of 28 percent as Americans continue to stay at home, other industries saw large decreases, accounting for money saved by consumers. In the U.S. specifically, N26 data found a 39 percent decrease in eating out at restaurants and a 23 percent decrease in fast-food sales. Online food delivery services, like DoorDash and Uber Eats saw a 23 percent increase.
Taxicabs and passenger cars, like Uber and Lyft, have similarly seen a 46 percent decrease as people avoid travel because of stay-at=home orders.
Meanwhile, as many consumers look to retail therapy as a way to cope, online retail sales have seen a 23 percent increase as physical stores remain closed. At the same time, subscription services have become the second-highest category for American spending.
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