From groceries to video games, here's how Americans are spending their stimulus check money
Shoshy Ciment
- People in the US have recently started receiving their coronavirus stimulus checks, a one-time cash payment of up to $1,200 for Americans with Social Security numbers.
- The checks are a part of the $2 trillion stimulus package from the US government.
- According to data from Cowen and Co., Chicago-based auto insurance startup Clearcover, and digital banking service Current, here's a breakdown of how Americans are spending their stimulus money.
- Most money is being spent on food and groceries.
- Visit Business Insider's homepage for more stories.
Thanks to the recently passed $2 trillion stimulus package from the US government, many Americans are receiving an extra $1,200 of spending money amid the pandemic.
The coronavirus stimulus checks, a one-time cash payment of up to $1,200 for Americans with Social Security numbers, have already prompted a wave of spending.
Before the checks were distributed, a survey from Chicago-based auto insurance startup Clearcover showed that people planned to budget their money towards bills, groceries, and streaming services and gaming. Another survey from Cowen and Co. showed most people planned to spend the money on food.
Data compiled by the digital banking service Current, which has credited 16,595 of their customers' accounts with stimulus payments, found the highest categories of stimulus spending was in takeout and delivery food. And according to Current, about 45% of their customers' stimulus checks have already been spent.
In addition to the data, different users have taken to social media to announce the purchases they have made with the stimulus money. The New York Post reported people posting about using the money to buy dildos, guns, and stripper poles, among other more atypical items.
From groceries to video games, here's what Americans are buying with their stimulus money, according to data from Clearcover, Cowen and Co., and Current.
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