COVID-19 has changed the way that Americans shop and travel, impacting our spending habits indefinitely. With stores, hotels, and restaurants closed or at limited capacity, many choose to stay at home and purchase online or locally, helping to support their local small businesses. The positive impact of working from home, virtual meetings, and happy hours, on-line fitness classes, and being at home is that our consumption habits have changed. Read hear to learn why you should buy local and travel local.
In addition, people are aware that without local support, their restaurants, boutiques, coffee shops, and small businesses may close. The idea of supporting ‘mom and pop shops’ has re-ignited as people re-examine their needs and wants, and realize they want a local economy that supports their friend’s and neighbor’s livelihoods.
As we watch the recovery begin, or a possible COVID-19 second wave unravels, consumers will be more aware of where goods produce or ship through. This concern will not change in a post-COVID-19 world, and transparency will continue to be critical for consumers.
In addition, travel plans canceling from airline restrictions, concerns over COVID-19 exposure, and hotel and restaurant closings or limiting capacity have provided an opportunity for travelers to explore closer to home. With planning closer to home natural, 2020 is ‘the year of the road trip,’ according to a Skift Survey:
Besides the renewed interest in shopping locally, people are becoming more involved in their communities by donating to organizations that benefit others. The May 2020 online survey conducted by Cause & Social Influence titled, “Influencing Young Americans to Act: Special COVID-19 Research Report,” found that 25% of the total respondents reported buying more local products and services. Overall, respondents additionally reported making cash donations to help local and national non-profits:
Even though COVID-19 may have many of us feeling like staying indoors, take time to explore what your community offer. You may be pleasantly surprised and discover that shopping locally provides you with everything you need (and want). Read hear to learn why you should buy local and travel local during this unusual summer season.
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First Fruits Asset Management has been in the financial services profession since 2007. We work together to create a personalized financial plan. We then review and revise the plan as situations and/or goals change over time. Contact us today to learn more about how we can build a partnership with you today.