The consumption is not Mr. initirio driver of economic recovery because of the reservations of consumers, according to Bloomberg agency.
Savings of 2.7 trillion. dollars raised during lockdowns to deal with the health crisis , consumers in Europe and the US do not seem willing to spend and prefer to have a .. button for the .. rainy days according to a Bloomberg analysis on Sunday October 17, 2021.
According to many economic analysts, the… mountain of savings was expected to fuel the strong come back of the economy after the pandemic.
Abstinence from consumption prevents the acceleration of growth driven by a consumer delirium, a scenario in which both sides of the Atlantic are hoping.
Increase in deposits in Italy
Following the easing of restrictive measures in many parts of Europe before the summer, consumer savings fell only marginally, at least in August.
In contrast, in neighboring Italy, savings increased, as evidenced by bank account data.
The situation is similar in the US , according to calculations by Bloomberg Economics.
Eurozone – Deposits
The vicious cycle q
The data concern, since on the one hand households may face an increase in electricity bills thanks to the savings …
On the other sides low demand is likely to prejudice the position of the business , which in order to meet the growing inflation is expected to steadily adopt high prices
Mutations and the labor market
The reluctance of people n a spending partly due to concern about new flare pandemic.
However, concerns about the pace of economic recovery as well as the labor market situation are also evident .
Changes in habits
Other than that, however, consumer habits may have changed on a permanent basis since the onset of the pandemic.
A relevant ECB report shows that many realized during the lockdown that they do not need to spend a lot of money.
Changes in consumer habits
Structure of wealth by age – USA