With government-imposed lockdowns and a huge disruption to routine and normalcy, a bit of online therapy can seem like a great way of escapism during the COVID-19 global pandemic.  Buying new clothing or getting that not-quite-necessary-but-slightly-coveted kitchen appliance can bring tremendous joy during this hard time.  

According to a study published in North Star Psych , some bad moods can be relieved from unplanned shopping.  The mood improvement impacts can last significantly longer than after the purchase has been made.

There is another advantage of engaging in some retail therapy now.  A lot of sites are offering great deals to lure consumers in.   According to a financial consultant with the Brunswick Group, Siobhan Gorman, it is not a bad time to get a video/book subscription now as deals are being offered with as much as 70% off. People are more inclined to make purchases like that which are good for those stuck at home.

Overspending however, can cause financial strain.  During this time – particularly when unemployment is higher and job security is threatened – one needs to be more cautious about engaging in retail therapy.  According to Manhattan’s Source Financial Advisors CEO, Michelle Smith, one really needs to “adopt a spending mindset of ‘I can buy this … OR, not this …. AND that.  This way you treat yourself but not to everything. This makes you choose, think, save money, but also affords some immediate gratification.’”  

Whether or not one does decide to engage in some retail therapy, it should be conducted online as much as possible during these times.