After nearly two years of significant disruption — for better or worse — these are three examples of how the pandemic economy ended in 2022.
amid an overwhelming surge in customer demand, the long lines and sold-out reservations that defined the industries this year reflect a return to normal leisure activities for much of the population.Consumers may have been expecting to spend more this year in light of returning to working in person and going out for fun. But persistently high inflation and fears of a coming recession made it difficult for folks to keep their spending in check and maintain good saving habits.
The government's financial aid that helped consumers meet those goals through the height of the pandemic didn't exist in 2022, changing the way people use their money again, according to Angeli Gianchandani, an expert in consumer behavior as a practitioner in residence for the brand marketing and executive MBA programs at the University of New Haven.
"The stimulus checks and the unemployment benefits allowed people to spend — they were spending money, because they had it," she says. Those government subsidies allowed folks to spend more, but they were also saving money not commuting to work, shopping for clothes or getting their hair done. "The spending shifted, and now the pendulum has swung so far to the other side with inflation," she says."We're seeing this impact that's just such a change and creating a burden for people."
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