Journal Article

Consumer Spending Declines, Shifts in Response to the Pandemic

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;

JEL Classification: E2; E20; E21;

Access Documents

File(s): File format is application/pdf
Description: Full text


Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Economic Bulletin

Publication Date: 2021-02-17

Issue: February 17, 2021

Pages: 4