Social distancing, shelter-in-place orders, and the shuttering of nonessential businesses across the country have changed day-to-day realities for millions of Americans. In the effort to contain the spread of the coronavirus, few aspects of life in the United States remained untouched — and consumer behavior is no exception.
24/7 Wall St. reviewed media reports and press releases related to consumer spending to determine how the COVID-19 pandemic is changing what Americans are buying. To illustrate the significance of these changes, we attempted to calculate what they could mean at an individual level.
Our research encompasses varying levels of specificity — from particular companies to entire product categories and industries. While broad in scope, this list is by no means exhaustive.
Consumer spending comprises a staggering 70% of U.S. GDP, and not surprisingly, virus containment efforts have devastated many sectors of the economy. Companies in travel and food services have been hit especially hard, with several industries and well-known companies ranking on this list with double-digit year-over-year sales declines. Here is a list of the U.S. industries being devastated by the coronavirus.
However, not all businesses have suffered in recent weeks. As many are effectively confined to their homes, products and services designed to pass the time have seen sales skyrocket. Here is a look at what you can do to make staying at home easier.