How many people do you know who are going to buy the latest iPhone this year or next? I can tell you that among my acquaintances, that number is vastly lower than it was if I asked the same question in February. And that's assuming that everything with the virus goes as well as possible, which it isn't.
The number of people who say they're going to is vastly lower, certainly. But I don't think that people's attitudes during a mandatory stay at home order are reflective of what we'll actually do once it's clear the worst is behind us.
My point is that many of these people are enduring real financial hardship. Many have already lost jobs or taken major pay cuts. The ones who haven't lost them are afraid of it, and diverting more money into savings and away from discretionary purchases. I assume the people I know are probably more white-collar and in relatively safer jobs than the general population, which (looking only at today's unemployment numbers) is bleeding badly.
This isn't about what people want to do. It's about what they will be able to afford to do.
Yes, but by this time next year they might not only be buying a the same rate as previously, but they might also even be buying a little more than usual.
Point being, the markets are seing corona as a 'flash crash' that will take some time, maybe 18 months to re-adjust, but it won't really hold things back long run.
If someone hits a vaccine the markets will go on a tear.
