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What America is really spending its stimulus checks on

Lovemoney Logo By Hannah Ward-Glenton of Lovemoney | Slide 2 of 21: After the first round of checks, groceries were the top purchase, with 84% of those who earn less than $75,000 annually using the money for food according to the Peter G. Peterson Foundation (PGPF). Across all salary brackets, over half (56%) of those who received the checks spent the money on food, according to Household Pulse Survey. Walmart sales have boomed during the coronavirus pandemic, but the retail behemoth saw a noticeable bounce in spending when stimulus checks hit people's accounts. There was also a change in the types of food shoppers were choosing, with an uptick in more expensive produce such as meat and fresh fruit and vegetables. The world’s largest retailer is anticipating another spike following the latest rounds of checks, according to the company’s Chief Financial Officer Brett Biggs. 

Food: Supermarkets

After the first round of checks, groceries were the top purchase, with 84% of those who earn less than $75,000 annually using the money for food according to the Peter G. Peterson Foundation (PGPF). Across all salary brackets, over half (56%) of those who received the checks spent the money on food, according to Household Pulse Survey. Walmart sales have boomed during the coronavirus pandemic, but the retail behemoth saw a noticeable bounce in spending when stimulus checks hit people's accounts. There was also a change in the types of food shoppers were choosing, with an uptick in more expensive produce such as meat and fresh fruit and vegetables. The world’s largest retailer is anticipating another spike following the latest rounds of checks, according to the company’s Chief Financial Officer Brett Biggs. 

© William Sawalich/Shutterstock.com

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