Over the last year, many have seen their lives impacted by the COVID-19 pandemic. The ways in which we work, live, and communicate have drastically changed, to say the least.
It’s difficult to predict what other aspects of life may alter before we’re through this period of history. Still, data has emerged that suggests the way we relax has already adapted. In response to a steady media diet of troubling or sad news, it seems we’re all looking for a distraction.
Your Own Silver Screen – Consumer spending on subscription streaming rose by 21% to $12.2 billion in the first six months of 2021, suggesting we’re watching more media at home than ever.1
A Nation of Gamers – Video game sales at brick-and-mortar stores hit $5.6 billion in March, an 18% increase over a year ago. Digital sales are expected to push this startling figure even higher.2
Stay in for Takeout – Due to the increased number of us ordering delivery, the online food delivery services market is expected to grow from $115.07 billion in 2020 to $126.91 billion in 2021.3
These are just a few of the distractions Americans are finding as we all work toward happier, healthier, and safer times. This made me think about how all our clients have changed their spending habits since March of 2020. Some a little, some a lot, but most everyone has had to revisit their lifestyle. If you haven’t done so, take a look at what is coming in and going out monthly. Make sure to have a good grasp on how you are spending your money in this “new normal”.
As always, let me know if you’d like to chat about the above, the economy, or any other topics you’re pondering. At Redwood, we’re always here to help.
1. Tvtechnology.com, August 11, 2021
2. Fortune.com, April 16, 2021
3. Globalnewswire.com ,April 27, 2021