Spending has been “transformed” by Coronavirus. Analysis of credit and debit card spending shows a sharp decline in consumer spending across travel, fitness, and apparel, but massive increases in many industries, including groceries, general merchandise and e-commerce, home improvement, gaming and (as we’ve been chronicling) video streaming. Unsurprisingly, in-person retail has suffered, while online business—like grocery and meal kit companies—are thriving. We’ve explored how young consumers’ spending has shifted because of COVID-19, and the continuing crisis could make some of their new buying habits long-lasting ones. (NYTimes)
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