Study: Consumers Spent Less on Car Services in 2020
Feb. 3, 2021—Consumers spent 69 percent less on car services in 2020, ValuePenguin reported Monday.
Using My LendingTree, a financial services platform that looks at American spending habits, ValuePenguin found use of ride-hailing and other car services took a nosedive because of the pandemic. The largest drops, when compared with 2019 data, came in May and December.
“In 2019, our sample of My LendingTree users spent an average of $106,500 a month on car services, or nearly $1.3 million total. During 2020, the average plummeted to $32,600 a month, or more than $391,000 total,” the publication stated.
While the use of car services declined, money spent on car and truck rentals increased 143% from 2019. Consumers also spent 120% more on bicycles and related goods.