I don’t think “pent-up demand” is a thing. You’re not going to go to Starbucks 3x until you catch up on missed coffee shop sessions. Demand doesn’t rollover for most things.
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At most a lot of discretionary spending will see a small spike that will recover a small amount of lost ground. When aggregate demand return to pre-Covid levels it will be distributed very differently, a lot heavier on the lower part of Maslow pyramid.
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That's fair, but I think it will depend on if we have vaccine / powerful therapeutics. Opening too early + new infection wave will solidify fear-based habits/behavior from initial lockdowns.
End of conversation
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