Understandably, most people spent less money in 2020 out of an abundance of caution. Nearly 63% of respondents to a U.S. survey reported they reduced their weekly spending. In addition, many people reduced spending on entertainment and travel due to restrictions.
However, spending did increase across categories like groceries, household supplies, and materials for new hobbies. As the mass population learned to work, teach, cook, and play from home, online sales soared, and home delivery skyrocketed; online shopping increased over 60% from 2019, according to another U.S. survey. Those who had the ability to spend in surplus actively chose to shop local, small businesses, often owned by people of color.