Pandemic forced Europeans to spend their funds in a new way. According to the report of the European Central Bank (ECB), Lokdauna due to the outbreaks of coronavirus strongly changed the habits of European consumers.
According to researchers, the main reason for the reduction of consumption was the risk to infected with coronavirus. According to the report, many respondents are not returned to the usual traits even after removing restrictions. The essential share of consumers from the five largest economies of the world during the first quarantine understood that they do not miss certain products or services. Researchers argue that such behavior indicates possible irreversible changes in consumer demand.
The most notable changes occurred in the service sector and hotel business. For example, 23 percent of French families stated that they do not miss the hairdresser’s campaigns, and 21 percent of German residents looked away to dine out of the house. 23 percent of Europeans stated that after Lokdaunov, it is unlikely to go abroad for personal reasons, and 32 percent will travel less frequently than before the pandemic. 54 percent of respondents recognized that they became less likely to go to restaurants after a pandemic.
Researchers note that long-term changes in the behavior of consumers may aggravate the problems of the corporate sector, since companies will face a sustainable income drop. Ultimately, the reduction in household expenditures may adversely affect the economy.
His spending during the pandemic reduced Russian consumers. For 2020, the Russians spent in aggregate by 2.77 trillion rubles less than in 2019.