Consumer Spending Declines, Shifts in Response to the Pandemic

Alison Felix and Samantha Shampine

Economic Bulletin, 2021, issue February 17, 2021, 4

Abstract: Consumer spending plunged last spring as the pandemic swept through the United States. Although spending rebounded sharply in the second half of 2020, it remained below year-ago levels due to persistently high unemployment, business restrictions, and continued health risks in social settings. In addition to the drop in overall spending, the pandemic has led to dramatic shifts in the mix of goods and services that consumers purchase.

Keywords: Consumers; Consumer Spending; Pandemic; COVID-19 (search for similar items in EconPapers)
JEL-codes: E2 E20 E21 (search for similar items in EconPapers)
Date: 2021
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