There's good news and there's bad news. Which do you want to hear first? The bad news? Well, the V-shaped recovery never materialized. Record unemployment will combine with low consumer confidence to dampen aggregate demand in the immediate months following the end of the lockdowns. There will be some bounce back in consumer spending, but it is sporadic. Businesses like barbershops, therapists, and dentists will experience booms while retail outlets like restaurants and department stores will face below-average, albeit improving footfall.
A Jefferies survey of 5,500 consumers across 11 countries to assess the direction