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Cautious consumers pose threat to recession-hit global economy

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Despite signs of rebound people tend to hold onto cash due to pandemic, survey shows

The coronavirus pandemic is throwing the world into financial insecurity, posing a threat to the recession-hit global economy if it means consumers keep saving rather than spending.

Job security is a major concern for many, with more than 30% feeling less secure in their job than a month ago, while about half of respondents are still cutting back on non-essential expenditure. In a further sign of caution, Americans would be about three times more like to save rather than spend an unexpected cash windfall, rising to more than four times in the UK

In the US, which has experienced a renewed flare-up of the virus, concerns are mounting again, with 23% feeling less secure about their job compared with 18% two weeks ago.

 

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