Consumption Is Real

Those of us who spend our careers analyzing businesses tend to see these types of massive behavioral shifts from a business-first perspective, but what does this look like for consumers?

Real private final consumption expenditure has been averaging at 3.5-4 per cent over the past five years despite the exuberant leveraged spending. And while the contraction in financial savings was seen as a sign of improving household confidence, it ironically accompanied a languid actual consumption, indicating faltering real incomes.

Indeed, the

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I think people will seek a quick return to “normal” in many aspects of life. But I expect we’ll see greater focus and interest on wellness, and I hope some on personal and collective responsibility and prevention.