Covid Hits Saving Capacity of More than Half of Global Consumers

Bloomberg — More than half of consumers in major economies didn’t build up their savings during the pandemic, a survey shows.

The research in 18 nations by YouGov Plc, shared exclusively with Bloomberg News. punctures the idea that households have a cushion against a deepening cost of living crisis.

YouGov said 51% of respondents failed to add to their savings during the pandemic. The rate was lowest for Germany, at 39%, while Italy’s figure was just 40%. The US, UK and Canada also saw results below 50%.

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A World That’s More Expensive Is Starting to Destroy Demand

Buyers are balking at high prices for fuel, food and metals, threatening to tip economies back into recession

The survey covers 20,000 adults across 18 countries and undercuts hopes that a global savings glut will help households weather a spike in inflation. Instead, it paints an uneven picture of finances, potentially paving the way for deepening inequality in coming months.

YouGov’s survey also suggests the nest eggs that did accumulate are rarely being spent on luxury items. Of those who saved, about half are managing to hold onto the extra money. More than a quarter spent the money on bills or other essential purchases.

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Hot Sauce, Beer, Popcorn: Shoppers Face Shortages of Favorite Items this Summer

A shortage of popular food items from popcorn to sriracha is hitting restaurants and grocery shelves this summer, a sign that the world’s immense supply chains are still under pressure

Just 13% used them to fund holidays and social events since restrictions lifted, and 19% used the money for home improvements or moving house.