Abi Oyewole of Calgary, Alberta, Canada, says she turned to “stress spending” during the coronavirus pandemic. Her outlet of choice: Buying strawberry and blueberry plants as well as herbs to tend on her balcony.
A first-time gardener, Oyewole said her purchases delivered a mental health benefit at a stressful time, especially as she’s disabled, which places her in a high-risk group for the disease. The recent protests across many U.S. cities following the death of George Floyd has also raised her anxieties from her experiences as a black woman, such as being followed by police officers, she adds.
“When you buy something you love, you get that rush of joy,” Oyewole said. “You also have the continual joy of having it in your life.”
Oyewole isn’t alone. The pandemic is impacting the shopping habits of millions of consumers, with almost 4 in 10 saying they’ve made impulse purchases to deal with the stress of sheltering in place and social isolation.
That’s according to a recent survey from Credit Karma, which also found that 1 in 5 consumers say they’re spending more than prior to the nation’s widespread stay-at-home orders. Even though those orders are now lifting, consumers are still coping with fears about the disease, as well as job and income losses that have touched 4 in 10 households, according to the Pew Research Center.
Stress spending gives a sense of control, a valuable feeling during an out-of-control experience like a pandemic, says Ken Lin, the CEO of Credit Karma. It can also provide a sense of novelty when many Americans are limiting their social interactions. But there can be serious consequences if stress spending gets out of control, he cautions.
“Stress causes a lot of problems,” Lin says. “If that is your coping mechanism, you can get into a pattern of debt.”
That’s something that Oyewole takes to heart. She’s budgeted for her gardening purchases and opted for smaller plants that cost $10, rather than $30 or $40 for larger plants. “It’s important to have good moderation,” she recommends.
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Aaron Meyers, who buys and sells comic books and collectibles, says he’s seeing stress spending first hand. Over Memorial Day weekend, the Eugene, Oregon, resident sold $4,000 worth of items, compared with about $700 on the same weekend last year.
“I’ve had several people tell me, ‘Oh, normally I wouldn’t buy this, but I’m bored and sitting in my house and it makes me happy’,” he says. “It’s an impulse buy – it fills an emotional need.”
Meyers, 42, says he’s also buying more for his own collection, although he’s careful not to spend more than he can. “My sales fuel my purchases,” he says, adding that he’s now saving up for a copy of the first issue of Fantastic Four. “It's very expensive. Even in poor condition, it’s about $10,000 to $15,000.”