The end of consumption

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The coronavirus is causing a massive economic recession. People will no longer consume as much as before, but will now buy more consciously, thinking about saving, for fear of a second wave of the virus.

With regard to the characteristics that mark the current economic situation in the world caused by the Coronavirus and that will condition it in the future,  according to Deloitte in his report entitled "The Economic Impact of Covid-19" this pandemic could affect the world economy in three main ways: directly affecting production, creating disruptions in the supply chain and market, and by its financial impact on businesses and financial markets. However, much depends on how the public reacts to the disease. 


In fact, production and the supply chain were greatly affected by the cessation of consumption, in addition to the closure of borders. The public's reaction to the economic situation generated by the pandemic is proving to be different from their reaction in the 2009 crisis. What Deloitte does not explain is that this time, the public fears new pandemics. Because of the economic suffering of many people around the world, they will be betting on saving. Now people are thinking in terms of survival. And this is going to mean that uncontrolled consumerism is ending.


The behaviour of the public will be key and determining, it could even change many aspects of the current economy. Fear and the instinct of survival have been determining factors in the course of history. Therefore, to what extent are these two issues conditioning the vision of today's citizen to the future?



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