The varieties of consumer revival

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One of the most striking features of Covid-19 is its uneven effect. Many people remain healthy, while others have become seriously or even fatally ill. The pandemic’s economic impact has been similarly unequal, with some households being spared any financial hardship and others struggling or even wiped out.

Those differences matter as we look forward to the post-pandemic economic recovery. Although consumer spending accounts for about two-thirds of economic activity, it is a mosaic, not a monolith.