This is how fast Americans are spending their stimulus checks — and here’s a breakdown of what they’re buying – MarketWatch

Economists looked at the spending and saving habits of more than 1,600 people who received their stimulus check by April 21.

In the first three days after the stimulus-check receipt, spending increased between $50 to $75 apiece on expenditures like food and non-durable goods, a category that includes supplies like laundry detergent, pens, paper and other items with a shorter life span.

• During that same time, the purchase of durable goods increased by $20 in those first three days. This category includes cars, appliances, furniture and others things meant for longer use.

• On the whole, households spent around one quarter to one third of their stimulus check money within 10 days of receipt.

See also:Do I have to pay back my $1,200 stimulus check? Don’t fall for these 5 myths about the stimulus payments

• If people had less than $500 in their account, they went through almost half of their money within 10 days. People with over $3,000 in their accounts had essentially no extra spending after getting their check.

• A person who made less than $1,000 a month was twice as likely to spend money after getting their check, compared to someone making at least $5,000, researchers noted. That fits a historical pattern from past stimulus programs, the study said.

Source: This is how fast Americans are spending their stimulus checks — and here’s a breakdown of what they’re buying – MarketWatch