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Three in 10 Americans say theyre actively preparing foranother pandemic.
So, what goods are consumers stockpiling and why?Should you follow suit?
Sure enough, the CreditCards.com data shows 76% of stockpilers have loaded up on non-perishable foods.
Another 72% have stocked up on toilet paper, remembering those panicky days early in the pandemic.
But the compulsive consumption doesnt end there.
The data shows these buyers also hoarding medical supplies (49%) and medications (44%).
Younger buyers have also bought more clothes, electronics and appliances than usual.
Many consumers are buying clothes and electronics before tariffs take effect, pointed out Smarty CEO Vipin Porwal.
Should You Stockpile These Items?
In a word, no.
And not just for altruistic or civic-minded reasons.
Stockpiling leads to clutter and waste, added Musson.
It doesnt even save you substantial money.
Is that much savings worth overfilling your storage space?
It also drains your finances.
Nick Drewe, CEO and personal finance expert atWethrift, pointed out the opportunity cost.
Hoarding ties up capital that can otherwise be used elsewhere, Drewe explained.
The best buffer against uncertainty is financial flexibility, which you lose when you over-purchase goods.
It can lead to long-term financial instability, especially for those using credit cards.
That says nothing of the fact that stockpiling exacerbates inflation and shortages, either.
Put more money put into reserve funds or pay off debt with a high interest rate, he said.
Beyond paying off high-interest debt, diversify your investment portfolio, Razon added.
Assets like stocks and real estate have historically protected investors from inflation.
Go beyond U.S. index funds or a rental property on the side, and actually diversify.
Look at international stocks, including both developed and emerging markets.
Look at passive real estate investments like syndications, secured notes, and debt and equity funds.
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