Pandemic spending trends expected to continue through 2021
TORONTO -- The COVID-19 pandemic has changed the way many Canadians spend their money and trends that began one year ago are expected to continue into 2021.
During lock downs, self-isolation and working from home many people invested in their homes and backyards.
Allan Kambeitz, the VP of merchandising with Best Buy Canada, said when employees were forced to work from home many were buying office furniture, updating their Wi-Fi network and computer equipment.
“You might have had a home office before and a lot of people did, but they might not have been prepared to spend eight-plus hours a day in it, so now they are looking for a more comfortable chair or desk," said Kambeitz.
Best Buy also saw an increase in sales of many other goods they were not expecting.
With people spending more time at home there was a 50 per cent increase in stick vacuums sales, a 75 per cent increase in electric toothbrushes, indoor fireplaces jumped by 150 per cent and electric breast pumps saw a 600 per cent increase.
“I think those devices are very helpful for new mothers to help them take care of their babies,” said Kambeitz.
Moneris also released it's own statistics on where Canadians were spending their money.
Golf courses opened late last year but still saw a 20 per cent increase. Home improvement stores saw a 31 per cent jump in sales and hot tubs and patio heaters are still expected to be sought after items.
“We are making it more comfortable to be in our homes, building home offices and fixing up our backyards. Some people may also decide to put in a bigger entertainment system to watch TV because they couldn’t go to the theater,” Malcolm Fowler with Moneris said.
Many who were unable to travel and spend money on vacations decided to spend money on recreational purchases to entertain those in their bubble.
Already this year there has been an increase of RVs and trailer sales, up 68 per cent over the same period last year.
Swimming pool orders are up 80 per cent, bicycle sales have jumped by 87 per cent and if you want to rent a boat this summer good luck.
Boat rentals have seen an increase of 227 per cent.
“Anything that Canadians can do to try and find ways to keep entertained they are doing," said Fowler.
That includes buying new furniture for inside their home and patio furniture and decorative fireplaces and fire pits for their backyard.
There's also been a huge increase in sales of video games and video game systems.
About 50 per cent more people are now playing video games and that includes all ages from children to seniors looking for something to do.