The pandemic has had an immense psychological impact on consumers and their purchasing patterns. With unemployment rates recovering and then receding again, many see the future uncertain.
Many consumers have become more conservative with their spending. They are focusing on essential items and cutting out luxuries, leading to a decrease in consumer spending in many sectors.
At the same time, the pandemic caused an increase in online shopping, as people were hesitant to visit physical stores and are taking advantage of the convenience of online shopping. That has changed once again.
Consumers are confused, discretionary income is tight and the pandemic is far from over.
In general, the pandemic has caused a shift in consumer spending habits, with people becoming more cautious with their money and looking for ways to save. This shift is likely to continue for some time, as the economic and psychological impacts of the pandemic linger.How Rethink (Reflect & Ponder) Your Business (8 Resources)