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7 Key Observations from COVID-19: Income and Spending Trends
In addition to the significant public health impacts of the COVID-19 pandemic, the virus has had a profound effect on the financial security of many Americans. In this uncertain economic environment, Americans have drastically changed their financial behavior, pulling back spending in some industry sectors while increasing spending in others. At Envestnet | Yodlee, we’ve been tracking these income and spending trends to shed light on American spending and income behavior during this unprecedented time.
Read to discover how our insights can be used to inform you about how Americans are changing their behaviors and indicate ways to help Americans get back on their feet again. We have focused on some of the more impacted areas of the economy, such as restaurants and travel. We have also taken a look at stimulus payments to see what spending has been prioritized by those who have received them.