via Reuters
I came across this article on Reuters and it captures something that many of us instinctively feel - consumers are changing. The question is, will it be a permanent change?
A recent survey conducted by the British Independent Retailers Association shows a concern that consumers are saving cash they saved during lockdown and are not necessarily going to start spending in large amounts. This is not to mention the other risks
- Those losing jobs due to COVID-19 will obviously have their spending power cut
- If the new working from home pattern stays, how will that impact consumers?
I am expecting consumers to start saving more. It is the logical conclusion in our current uncertain world. Keep some more powder dry. What changes are you expecting from consumers, if any?
