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marmar

(76,991 posts)
Sat Jul 4, 2020, 05:22 PM Jul 2020

Fearful and frugal: Coronavirus wreaks havoc on America's shopping psyche


Fearful and frugal: Coronavirus wreaks havoc on America's shopping psyche


As the U.S. reopens, Americans aren't much interested in going out and spending.

A survey of 2,200 U.S. adults shows how Covid-19 has dramatically changed behavior in the world's biggest economy, potentially for the long haul. The data flashes warning signs for the recovery, showing waning interest in public events and material things, like appliances and clothes, and a new austerity, expressed through pantry stockpiling and delayed big-ticket purchases.

This foreshadows an era of fear and frugality that could push a full economic rebound-one that Washington and Wall Street are banking on-out of reach. The data also raises doubts about how much rising consumer confidence will translate into spending, on which the economy heavily relies. And this survey, polled last weekend, doesn't account for the past week when a spike in cases stalled reopenings in several states, potentially deepening the pandemic's behavioral impact.

"People are generally expressing that they'll do certain things less, or at home, on their own," said Victoria Sakal, managing director of brand intelligence at Morning Consult, Bloomberg News's partner on the survey taken the last weekend of June. "There's also a health component to how safe, comfortable and protected people feel." .............(more)

https://www.chron.com/business/article/Fearful-and-frugal-Coronavirus-wreaks-havoc-on-15386037.php




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