Spending Habits During COVID-19: What We’ve Learned and How to Bank Safely
A review of spending data has provided insights into how the N26 community has been spending money over the last month since the US onset of COVID-19.
The coronavirus pandemic has rapidly changed nearly every aspect of our everyday lives, including our spending habits. A review of spending data has provided insights into how the N26 community has been spending money over the last month since the US onset of COVID-19.
N26 data has found that top spend categories including grocery stores and discount stores saw an expected increase as America prepared for the onset of the pandemic by shopping for food and other household necessities.
As restrictions were placed on dine-in restaurants and physical store locations, both of which saw significant decreases in spending, N26 saw an increase in spending related to online third-party food delivery services like DoorDash® and Uber Eats. We also saw a spike in online retail purchases, as consumers turned to online shopping to support the restaurants and retailers they love from the safety of their own homes.
Here are key takeaways from N26’s 2020 e-commerce consumer spending transaction volume data based on a comparison between the periods of February 17 to March 9 and March 16 to April 6:
Grocery and other food stores saw a 25% increase, and discount stores saw a 28% spike as Americans took shelter inside and shifted to ordering groceries and essentials online.
There was a 39% decrease in eating out at restaurants, along with a 23% decrease in eating out in fast food as most parts of the US imposed dine-in restrictions. This led to a 23% increase in online food delivery services like DoorDash® and Uber Eats as customers order in and get food delivered to their homes.
Ridesharing services like Uber and Lyft saw a decrease of 47% as people looked to avoid traveling because of shelter in place orders.
Online shopping has increased by 23% as physical stores closed and e-retail therapy has become a way to cope during this time.
Source: N26 Internal Data
Ensuring security, safety, and savings with mobile banking
At a time where everyone is encouraged to stay home and practice social distancing, being able to manage your finances from home has become a necessity. Our goal is to empower you to manage every step of the banking process from home — from opening an account in just 5 minutes directly from your phone to easily adding money with just a few taps(new tab).
Below are some of the ways we have made it easier for you to manage money from home while also keeping yourself and money safe:
Receive instant account alerts - Seamlessly track your spending with instant push notifications on all account activity
Set spending and withdrawal limits in the app - Prevent overspending by setting limits for yourself with just a few taps
Disable international spending - To prevent unauthorized use, you can disable international purchases directly from the app
Safe and contactless payments(new tab) - Enjoy fast, secure, and contactless payments with Apple Pay®
Manage stress with our Perks partner Headspace - Enjoy 8% cashback(new tab) each month on your Headspace subscription when you pay with your N26 debit card.
The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.
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