After a steep increase in spending, as Americans stocked up on food or rushed to fly home, expenditures collapsed
DURING THE early days of the covid-19 pandemic, American shoppers raided the aisles of supermarkets and pharmacies as if they were preparing for the apocalypse. Retailers such as Costco and Walmart were so swamped they began limiting the number of customers allowed into their stores. Today, with stay-at-home orders in effect for 300m Americans in more than 40 states, the early rush to stock up seems to have subsided.by a team of five economists at American and Danish universities.
The researchers find that in the last week of February, as social-distancing measures were first rolled out, the consumers in their sample increased their spending by 94% compared to a week before. Expenditure on air travel soared and shoppers stocked up on groceries and other goods. Yet spending rose even for non-essential goods and services, such as restaurant meals.
Consumers did not react uniformly to social-distancing guidelines. Households with children spent more than other households in the early days of the pandemic, but later cut back twice as fast as those without, perhaps because parents were less inclined to venture out with their kids. Men seemed more reluctant than women to change their behaviour. They didn’t stockpile as much in the early days of the pandemic, and reduced their spending by less as restrictions began to bite.
Americans’ appetite for spending remains low. The University of Michigan’s index of consumer sentiment recently recorded its biggest slump since 2008. Spending could pick up in the coming months just as quickly as it fell, in a “V-shaped” recovery. But this may be wishful thinking. Even if Americans do emerge from lockdowns ready to splash the cash, they will have plenty of canned food to finish first.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
A Legacy of the COVID-19 Pandemic Will Be That Even More Americans Own GunsThe FBI ran almost four million firearm background checks in March
Lire la suite »
New York Coronavirus Hospitalizations Drop To Lowest Level Since March 19“Data suggests that we are flattening the curve so far,” Cuomo said.
Lire la suite »
New York Coronavirus Hospitalizations Drop To Lowest Level Since March 19NY Governor Andrew Cuomo said today that even though his state again saw its biggest single-day increase in coronavirus deaths, the total number of new hospitalizations continues to decline—hitting its lowest level in 3 weeks by skleb1234
Lire la suite »
Before COVID-19, Corporate America Shortchanged Black Women $50 Billion Annually: Why All Women Should CareWomen, people of color and an intersection of the two groups—Black women—will inevitably be overrepresented among the current glut of jobless Americans. The 'double gap'—a term I use to convey that Black women are subject to gender, as well as racial, wage gaps—has real, tangible consequences for the Black community.
Lire la suite »
From fine to flailing - rapid declines in COVID-19 patients jar doctors, nursesOne medical worker called it 'insane,' another said it induces paranoia - the speed with which patients are declining and dying from the novel coronavirus is shocking even veteran doctors and nurses as they scramble to determine how to stop such sudden deterioration.
Lire la suite »
UK's Johnson 'improving' as he fights COVID-19 in intensive careBritish Prime Minister Boris Johnson's condition is improving and he is able to sit up in bed and engage with clinical staff, finance minister Rishi Sunak said on Wednesday as Johnson remained in intensive care battling COVID-19.
Lire la suite »