Research on the Impact of American Consumer Behavior after COVID-19

Abstract

The spread of COVID-19 has significantly influenced people’s lives and brought worldwide recession. In order to society to recover faster from the epidemic, the first step is to understand the impact of the epidemic on people and changes in people's consumption habits. This paper uses the Real Personal Consumption Expenditure provided by Fred to categorize consumption into service, durable goods, and non-durable goods and to analyze the change of consumption focus of citizens. After the epidemic, overall consumption dropped, and it took almost a year to recover to the previous stage. After COVID-19, consumers are less willing to spend on service and this is the part that the government needs to put most effort on. After analyzing consumers’ consumption behavior, the government can make suitable policies to encourage consumption activities.