Consumers not impacted financially by pandemic turn to ‘revenge spending’ to make up for lost year

Consumer Reports

LAS VEGAS (KLAS) — The pandemic financially impacted a countless number of individuals who lost their jobs, and whose businesses were forced to close.

But there were also plenty of Americans who were unaffected financially by the pandemic, and a new trend is being seen amongst these individuals.  

There is pent up demand to spend money to get “revenge on the pandemic.” A lot of Americans are feeling deprived after being cooped up for a year.

“After not being able to take any vacations for more than a year, cooped up at home, ready to get out there and do it safely,” said Summerlin resident Crystal Zuelke.

Many have not been able to go out and spend their money and they want to “revenge spend,” according to money-saving expert Andrea Woroch.

“They want to get some revenge on the world and reward themselves for all the hardships they’ve endured this past year,” Woroch said.

The National Retail Federation estimates retail sales will increase between 6.5% to 8.2% this year to a total of up to $4.4 trillion, exceeding the 4.4% average during the previous five years.

Those consumers who plan to revenge spend will do so on items like luxury purses, electronics, clothing and dream vacations.

“My husband and I just booked a trip to Napa for early June, just to get away, the two of us a couple days,” Zuelke said.

“I love to buy clothes, so for a year, no reason to buy clothes, now that I’m back out in office, I’m taking this time to buy lots of new clothes,” said Henderson resident Iris Imperial.

Woroch says it is ok to go back out into your community and spend money. In fact, it is helpful to small businesses who have suffered the past year.

You can revenge spend wisely. Just make sure you plan for it, and do so wisely by fitting it into your budget.

“A budget doesn’t mean it’s going to restrict how you spend money, it allows you to make thoughtful spending decisions, it allows you to figure out where you need to spend less, so you can afford these extra purchases, these splurges,” Woroch said.

Expenses you may have taken on during the pandemic, like extra streaming services, online food delivery or tutoring — you may no longer need. That can free up some extra money for a getaway with your kids.

You can also stretch your revenge dollars by snagging daily deals and using coupons, like Groupon or Living Social.

Stores like Costco offer additional saving opportunities where you can find deals on theme park tickets, and restaurant gift cards.

You can find some more tips in the graphic below:

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

Trending Stories