Blog
Blog
Blog
Six trends shaping the industries and sectors we cover in 2021
1 Feb, 2021
Author
Gautam Naik
Battered by the COVID-19 pandemic, Europe's consumer sector faces an uneven recovery over the next 24 months as households spend more of their accumulated savings on food, drink, clothing and other retail items.
Household consumption is the largest chunk of Europe's economy, contributing about €8.6 trillion, or 52.6%, of the EU's €16.4 trillion in GDP in 2019, according to EU data. The sector has typically been relatively stable during past recessions, while fixed investments and trade have suffered more.
This time, because of 2020's unprecedented brew of lockdowns, reduced travel and mobility restrictions, the consumer impact has been brutal and disproportionate. To a large extent, the speed with which the consumer sector recovers will determine how the overall EU economy bounces back.