During the pandemic overall consumer spending shifted from experiential expenses to household essentials and self-care.
During the initial months of COVID-19, national and local consumers were wary regarding their personal finances due to layoffs, furloughs, and a slowing economy. While consumer confidence has not yet hit pre-pandemic levels, there was an uptick in September. The University of Michigan’s Consumer Confidence Index rose to 80.4 in September from 74.1 in the previous month. The Shelter-in-Place (SIP) mandate that marked the beginning of the pandemic translated into very tough changes and uncertainty for retail, especially for restaurants, bars, salons, and gyms. During the pandemic overall consumer spending shifted from experiential expenses to household essentials and self-care.
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