September 4, 2020 — Temporary workplace closures have played a key role in slowing the spread of COVID-19, and saving lives around the world. Working from home (WFH) has also transformed many people’s work habits and productivity, as well as their spending. Similar to retirement, WFH reduces spending in work-related categories such as apparel and restaurants. However, rather than shifting this displaced spending to other categories, teleworkers are largely saving it. As teleworkers are usually in professions that come with higher incomes, affluent households are not leading the recovery as they have previously.
- COVID-19’s impact on consumer spending, similar to retirement, affects apparel and restaurants disproportionately
- One out of four workers globally could be working from home
- Large, wealthier areas are contributing less to the 2020 recovery