The discrepancy between goods expenditures and service expenditures is striking. (Can’t spend on airfare, hotels or restaurants? Might as well buy a car, fill the trunk full of food and new kitchenware, and covidroadtrip to an airbnb instead.)
A major difference: if you pull forward services spend there is no inventory build up at the household level; Pull forward goods spend though…
Also the discrepancy with the global financial crisis is striking: there goods purchasing was structurally impaired for ~the entire decade (not much need for new furniture when your Fort Lauderdale investment/vacation condo is getting foreclosed upon)
@wintonARK 🙋♂️in the camp of “sold everything and moved abroad to explore the world” Could not have been done as easily even just 10 yrs ago. Photos, books, music, work, tele, banks…now all in the palm of our hands. Why buy more goods??