Since bottoming on March 23, 2020, the S&P 500 has risen 57.5% – setting an all-time high in the process.
This is all because while the world seemed to stop turning for a lot of us, we were still finding ways to spend money.
Since the pandemic hit the U.S. back in early March, things have changed drastically. People are finding new ways to spend their money. According to a report from CNBC, grocery store spending was up 54% in February and March, while restaurant spending dipped 44% in March and April.
People are spending more time at home, which means they are spending more money on their home.
I’m not a betting man, but I’d put money on the fact that you’ve probably purchased some things to make your “stay and work from home” situation a little easier to swallow.
That purchase could have been a new pair of sweatpants to make WFH on the couch a little cozier, or some games to keep the kiddos entertained. Maybe you got ambitious and finished that spare bedroom you’ve been meaning to get to. I bet one or two of you even hopped on the bread-making train and put in an Amazon order for some baking trays and mixing bowls.
I know I am at the point that I have my credit card numbers memorized – a point I certainly never thought I’d get to!
That same report said that 64% of Americans have changed their spending habits since February, and I think we can all say that we’ve contributed to that.
And while spending habits changed, one sector shot to the moon – turning into the hottest sector of 2020.