Among its many effects, the coronavirus pandemic caused a sudden disruption in the habits of consumers. Experts analyzing these trends already have some ideas about what consumer demand will look like in the post-pandemic world.
An Uneven Recovery
After 12 months, there finally seems to be a way out of the economic disruption brought about by the pandemic. A group of experts at McKinsey, one of the world’s most prestigious consulting firms, have published a study outlining their findings after studying trends in China, France, Germany, the United Kingdom, and the United States.
The experts agree that an effective vaccination rollout is key to get the pandemic under control. If the vaccination effort is successful, they expect a swift but uneven recovery in the U.S.
This means that the spending in American high-income households might return to pre-pandemic levels sometime between 2021 and 2022, while spending levels among low-income households might drop below pre-pandemic levels once the government relief measures expire.
Some Key Takeaways
- One of the main factors propelling the post-pandemic recovery will be pent-up demand, a term that refers to the savings that people have accumulated during the pandemic. Of the five economies included in the McKinsey study, the United States was second only to the United Kingdom in the increase in savings compared to the levels of 2019.
- Experts believe that e-grocery shopping, virtual healthcare visits, and home improvement are some trends that gained steamed during the pandemic and will remain strong once the outbreak is under control.
- According to the study, remote learning, declining leisure air travel, and decreasing live entertainment will go back to pre-pandemic levels when the pandemic is over.
More Tips and Ideas
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About the Greater Riverside Hispanic Chamber of Commerce
At the Greater Riverside Hispanic Chamber of Commerce (GRHCC), our core mission is supporting small businesses and economic development with advocacy, business referrals, marketing opportunities, training programs, student internships, and scholarships.