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Consumer trends suggest lower spending, potential economic shift in post-COVID landscape

Consumers are indicating a continued preference for more home-based economic activity even as the pandemic continues to recede, according to a new survey, suggesting that the post-COVID-19 economic landscape may continue to shift in ways that would have seemed unthinkable prior to last year.

A report on U.S. consumers by the British-based firm L.E.K. Consulting — released in two parts, one in May and the other last week — indicates a looming series of “priority resets” regarding spending habits on the other side of the coronavirus pandemic.

As the COVID-19 outlook continues to improve, “many consumers expect to continue spending more on groceries, healthcare products, and at-home entertainment,” the survey found, while conversely they “expect to continue spending less on dining out, out-of-home entertainment (e.g., sporting events), and taxis and ride shares.”

 

 

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