Amid all the darkness and despair of the coronavirus pandemic, there’s hope for a business resurgence.
Amid all the darkness and despair of the coronavirus pandemic, there’s hope for a business resurgence post-crisis.
In its survey of more than 500 consumers conducted April 3, First Insight also found some optimism among consumers living in several COVID-19 hot spots. Forty-three percent of respondents living in Detroit, Chicago, New Orleans, Los Angeles and San Francisco felt stores should reopen by the end of April or early May, though only 35 percent of respondents in the New York City, New Jersey and Connecticut area felt the same. The survey was performed before New York Gov.
Jefferies Research sounded a somber note on Thursday. “We have usually been optimistic about the U.S. consumer, but we are currently much more cautious given a view that extended store closures will get consumers used to staying at home, accelerate the shift to online and consumers will be used to buying less. Not a good combo.”
“Department stores, including Macy’s Inc. and J.C. Penney Co. Inc.,offer one example. At 42.1 percent, the [department store] category had the highest median one-year probability of default of any consumer industry as of April 7,” S&P reported. The Neiman Marcus Group is also considered a potential bankruptcy.
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