The spread of COVID-19 and economic instability have caused some people to react differently to shopping. Some are tightening their budgets while others have found comfort in ‘Buy now, pay later’ schemes, according to an article by GodzillaNewz.
For those who are experiencing financial hardship, the idea of shopping is far from appealing. To some, it’s become a source of anxiety as they worry about how they will pay for their purchases. As a result, some shoppers are reevaluating their financial priorities and making the decision to tighten their budgets. The belt-tightening may include cutting back on social gatherings, eating out, clothing purchases, trips, and other discretionary spending.
However, the article also states that other shoppers are leaning more towards ‘Buy now, pay later’ services. Rather than abstain from shopping entirely, these shoppers can spread out payments over a period of time. This type of payment plan gives them the ability to make their purchases now with the assurance that they don’t have to pay for it all upfront.
It’s no surprise that people are reacting differently to shopping in times of such volatility. Those who already had a stretchy budget are now crushing it down to its bare minimum. Yet, those with more disposable income can purchase goods and services with the convenience of a ‘Buy now, pay later’ scheme. Regardless of the situation, it’s important to be mindful when spending and always plan for long-term financial success.
