Saturday, May 2, 2020

These charts show how COVID-19 has changed consumer spending around the world

Few industries have been immune to the effects of the pandemic. Image: REUTERS/Leonhard Foeger

By Katie Jones

How COVID-19 Consumer Spending is Impacting Industries.

Consumer spending is one of the most important driving forces for global economic growth.

Beyond impacting some of the factors that determine consumer spend—such as consumer confidence, unemployment levels, or the cost of living—the COVID-19 pandemic has also drastically altered how and where consumers choose to spend their hard-earned cash.

Today’s graphic pulls data from a global survey by McKinsey & Company that analyzes how consumers are reining in their spending, causing upheaval across every industry imaginable.

While some industries are in a better position to weather the impact of this storm, others could struggle to survive.  Read more >>