Jeff Kreisler: Spending Mistakes to Avoid


Behavioral spending expert Jeff Kreisler and New York Times columnist Jim Stewart join "Squawk on the Street" to discuss spending habits to avoid during the coronavirus crisis. Following a rush for groceries and cleaning supplies, more Americans are looking to crack open a book. As people remain sheltered in their homes due to the coronavirus outbreak, online shopping has surged as a replacement for an old-fashioned trip to the store. In addition to the overall boom in e-commerce spending, sales data reveals that following an initial stockpiling of goods, many online shoppers have shifted their focus to entertainment products such as books and games as they adjust to the new normal of life in quarantine. E-commerce spending in the U.S. is up more than 30% from the beginning of March through mid-April compared with the same period last year, according to market research firm Rakuten Intelligence. That is significantly more growth — about 50% more — than the annual 20% growth in online shopping the firm has become accustomed to seeing in recent years. This snapshot of the economy paints a picture of both what Americans are buying and how shopper priorities have shifted over the course of the extended quarantine period. It also offers a stark contrast to recently released figures on U.S. retail sales, which include estimates for brick-and-mortar businesses. The 8.7% plunge in March was the biggest decline since the government started tracking it in 1992. An initial surge in online ordering appears to have been driven by a run on staples as it became increasingly likely that people would be staying home for the foreseeable future. “There has been huge stockpiling in March in the U.S.,” said Sucharita Kodali, a retail analyst with the research firm Forrester. She listed health products, pet supplies and home office equipment as items that were frequently bought in bulk as states began to issue stay-at-home-orders in mid-March. For more coronavirus live updates: For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: » Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: #CNBC #CNBC TV

Behavioral Economics Expert, Author, & Former Stand-up Comedian

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Jeff Kreisler is a best-selling author and financial columnist whose prized insights on the intersection of behavioral science and money have been featured by TEDx, MSNBC, CNN, SiriusXM, and more. Jeff’s research on how human behavior drives spending and saving habits, economic ebbs and flows, and the future of our markets led to his best-selling book Dollars and Sense: How We Misthink Money and How to Spend Smarter. The work was named a “Best Book of the Year” by Business Insider, Audible, Huffington Post, and The Washington Post. It was also named the “#1 Book Every FinTech Professional Should Read in 2018” by the global fintech company Strands. Jeff is currently the Head of Behavioral Science at JP Morgan Chase, where he is leading financial decision-making thought leadership and innovation efforts.