Stimulus Check News: 7 Most Common Purchases Americans Are Making With Their Payments
04/19/21 AT 8:46 AM
With the third round of stimulus check going out to 159 million Americans as of April 14, consumers are already spending those $1,400 payments as they look for the U.S. to reach a sense of normalcy and the pandemic to come to an end.
Helping to drive consumer confidence is the more than 84.2 million people who have been fully vaccinated against COVID-19, according to the Centers for Disease Control and Prevention, accounting for over 25% of the U.S. population.
Retail sales increased by 9.8% in March as stimulus payments started to hit bank accounts, according to the Department of Commerce as reported by CNBC, signaling that consumers are ready to move past the pandemic and get back to life as usual with plans in place for the summer. That mindset was indicated by the items they purchased.
The New York Federal Reserve Bank, which surveyed more than 1,000 people, said households planned to spend about a quarter of their most recent stimulus checks on goods. The rest of the money would be used to pay down debt or put aside for savings.
Teresa Golden of Renton, Washington, said she used the first two stimulus checks to catch up on rent and bill payments. With the most recent one, she spent $500 on Levi s jeans, Old Navy clothing and shoes from Finish Line. Another $500 went to restocking her pantry with things that will last a long time on the shelf, such as ketchup, sugar, spices and Clorox wipes.
Clothing Stores See 18% Sales Boost Thanks to $1,400 Stimulus Check newsweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsweek.com Daily Mail and Mail on Sunday newspapers.