Retail spending is on the rise because of the Corona Virus. 
According to finder.com.au shoppers spent an extra $13.5 billion in the last month because of panic-buying.
COVID-19 panic-buying is cost Australians an average $848 extra last month, or a combined estimated $13.5 billion according to Finder.
No real surprise here when you see the queues at supermarket checkouts, is there?
| Expense | Average spend in March to date |
Difference in March 2020 vs October 2019 |
% difference |
| Clothing/Shoes | $231.83 | $28.46 | 14% |
| Electronics | $88.62 | $33.42 | 61% |
| General Merchandise | $202.90 | $45.87 | 29% |
| Groceries | $765.61 | $309.83 | 68% |
| Healthcare/Medical | $180.25 | $42.50 | 31% |
| Insurance | $259.12 | $67.23 | 35% |
| Petrol/Fuel | $187.57 | $48.43 | 35% |
| Securities Trades | $382.83 | $260.77 | 214% |
| Travel | $442.30 | $11.87 | 3% |
| Total | $2,741.03 | $848.37 |
Source: Finder app
Other interesting insights include:
- A 214% jump in share trading spending, as stock markets plunge opening an opportunity to buy cheaper securities.
- ATM cash withdrawals have dropped this month to date by 11%, as reports around the spread of coronavirus on physical cash has been heard
- Health care and medical expenses has increased by 31% this month to date, as Australians are seen stocking up on medical supplies
- Interestingly while most people are in self-isolation this month, we’ve found a 35% increase in spending on petrol compared to October 2019
- Unsurprisingly, spending on restaurants and dining has dropped by 9%, and this is expected to drop further in the coming months as more food businesses close.
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
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NOW READ:
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