Survey: Consumers likely in L-shaped recovery

Tuesday 28 April 2020

Via the AFR:

Just one in seven consumers expect their spending to normalise when the Australian economy improves, according to a survey of more than 13,000 households and almost 6000 consumers by data analytics company IRI.

…About 75 per cent of households expect the economic impact of the COVID-19 pandemic to last more than 12 months, 48 per cent think they’re worse off than they were pre-pandemic and 45 per cent had seen their income compromised because of the crisis, with 39 per cent working fewer hours and 7 per cent no longer employed.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.