NEW YORK: The rebound in consumer demand from the Covid-19 crisis looks set to be fast but uneven with those who were able to save money over the past year in a strong position to spend, according to research by McKinsey & Co.
The pickup will drive economic growth and deliver a significant boost to in-person services that have borne the brunt of restrictions to stop the spread of the virus, the study of China, France, Germany, the UK and US by the McKinsey Global Institute projected. Savings surged across advanced economies last year in the absence of opportunities to spend.