Consumer spending remains uncertain amid COVID-19
A Colorado State University economist said it will take time for consumer spending habits to return to normal in the wake of COVID-19.
Stephan Weiler tells Brownfield reopening businesses doesn’t mean consumer spending will necessarily follow.
“Opening restaurants doesn’t make any difference if people won’t show up in them,” Weiler said.
Weiler is also the director of CSU’s Regional Economic Development Institute. He said consumer confidence will have to be restored before spending loosens back up and that is no small task.
“Until people feel secure, and that will take a vaccine and then some, I think that people will hold onto their wallets much more tightly,” Weiler said.
Weiler said it’s hard for economists to predict coming market trends because of how unprecedented COVID-19 is.