{"id":10345,"date":"2021-03-15T14:15:41","date_gmt":"2021-03-15T13:15:41","guid":{"rendered":"https:\/\/geoconsulting.eu\/?p=10345"},"modified":"2021-03-15T14:15:41","modified_gmt":"2021-03-15T13:15:41","slug":"drop-in-consumer-spending-whats-the-outlook-for-2021","status":"publish","type":"post","link":"https:\/\/geoconsulting.eu\/en\/drop-in-consumer-spending-whats-the-outlook-for-2021\/","title":{"rendered":"Drop in consumer spending: what recovery strategy?"},"content":{"rendered":"

According to PwC\u2019s Global Consumer Insights Survey, 36% of urban consumers around the world spent less in 2020. Year-end forecasts in 2019 certainly didn\u2019t predict such a statistic. At that time, 46% of people in Belgium stated their intention to spend more in 2020, for example. In France, consumer spending was predicted to increase by 0.3% per quarter. We know that the consumer spending crash is caused the pandemic, but what are the exact reasons behind it? In our view, it\u2019s important to focus on this question to identify the right solutions and to develop the right recovery strategy.<\/strong>
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Drop in consumer spending: key reasons<\/h4>\n

As early as July 2020, the National Bank of Belgium surveyed Belgians to find out why they had been spending less during the previous months.<\/p>\n

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Source: BnB<\/em><\/h6>\n

Their answers, which we believe can be extrapolated to other countries and to the rest of the year, remind us that the reasons behind the drop in consumer spending are more cyclical than structural<\/strong>.<\/p>\n

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Reasons to be positive about the recovery<\/h4>\n

1) Many of the reasons<\/strong> for the drop in consumer spending will automatically disappear<\/strong> as the pandemic subsides:<\/p>\n