Wealthy people in the US are known for their lavish lifestyle, and spending enormous amounts of money on buying materialistic thighs. However, since the lockdown happened, this group of people saves money and not spending any money on buying things. A study done by researchers based upon the spending done by the use of credit cards shows us that wealthy people are spending less even after lockdown has lifted. People who belong in lower-income order have seemed to have increased their spending after a lockdown was lifted. Such less spending from wealthy people creates a problem in the economy of the country, and economists are worried about it.
Since the time unemployment benefits have been given to all lower-income people, their spending has increased enormously. However, the same thing did not happen with vibrant people because their spending on buying things has remained quite low. Consumer spending is the backbone of any economy; less spending from the wealthiest people will create problems. Two-thirds of consumer spending comes only from wealthy people. If they stopped spending less money even after the quarantine ended, then it will create further problems in the country’s economy.
Poor people who got the unemployment benefits from the government seemed to have increased their spending right after reopening was done by the government. Wealthy people have lost most of their learning resources. Now it is impacting spending money in restaurants, shopping, etc. restaurants and their businesses that got the hit most during a pandemic are getting on track again slowly. However, those who are not on a paycheck to paycheck are now afraid to spend more money than they have. Till all things get to normal, we might not be able to see everyone living like usual and spending money in the market.
The global heat transfer fluid market is poised to grow at a CAGR of 5.6%…
The Calcium Hypochlorite market is poised for substantial growth, projected to reach around USD 2317.9…
The Sodium Metabisulfite Market is poised for significant growth, with a projected value of USD…
activated alumina market size is expected to be worth around USD 1724 Million by 2033, from USD 1018.9 Million…
The bio fungicides market is poised for significant growth, with projections indicating a valuation of…
The hydrogen generation market is forecasted to see substantial growth, reaching USD 489.2 billion by…
The Hydrogen Peroxide Market, valued at USD 3.2 Billion in 2023, is projected to exhibit…
The global bauxite market exhibited significant value and growth trends over recent years. In 2022,…
The aerogel market has demonstrated significant growth, with its valuation reaching USD 876.5 million in…
biobased disinfectant market size was valued at USD 4.5 Billion and it is estimated to reach USD 8.7 billion…
The Concrete Sealer Market is poised for substantial growth, with projections estimating its value to…
The Ammonium Sulfate Market is poised for significant growth, projected to reach approximately USD 6.1…
The cathode material market, integral to advancements in battery technology, has been valued at USD…
The flat glass market, known for its essential role in various industries, is on a…
The Special Graphite Market, valued at USD 785.5 million in 2022, is projected to reach…
The Black Pellets Market is poised for significant growth, with a projected Compound Annual Growth…
The nanosized alumina market, valued at $3.0 billion in 2022, is expected to grow to…
The global methanol market is on a robust growth trajectory, with projections indicating a rise…
The E-Liquids market is set to experience remarkable growth, with a projected Compound Annual Growth…
The PVC market is anticipated to achieve a substantial valuation of USD 94.7 billion by…