The Roaring 2020s? How Pandemic Will Shape Consumer Behavior

History Repeats Itself

Past pandemics set the stage for indulgence
Over the last year, pandemic restrictions have taken their toll on
everyone in deep and long-lasting ways. Life as we knew it was put
on pause—and not knowing how long that pause was going to last
had profound implications on our mental health. Now, with
restrictions loosening and vaccine distribution continuing, the
weight of COVID-19 is starting to lift. The CDC announced in April
that it was safe for vaccinated people to travel. Restaurants are
opening up with larger capacities, and people are commingling with
friends outside their households.

As companies have tracked consumer spending and behaviors
throughout the pandemic, some clear trends have emerged
(including a mass switch to online retailers, conscious, issuesbased
spending, etc.). As we enter into a new, more relaxed phase
of the COVID-19 affected world, companies are wondering how
consumers are going to respond. Businesswire reported that
“[f]orecasters have long anticipated that the US economy would
grow steadily this year as the Covid-19 vaccine is rolled out. Now
many economists predict that a ‘supercharged rebound’ will cause
growth to come quicker as ‘pent up’ consumer spending is released
into the economy” (“Post-Covid consumer boom to hit US high
streets”, 2021).While the economic impact of COVID-19 is
undeniable—it has left many people jobless, strapped on funds, and
more frugal than ever—a hyper-focus on frugality in the immediate
sense will not continue for everyone.

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