While the hoards have been busy wishing away 2020, arguing over the science of masks and the legitimacy of shutdowns, something truly astounding has been happening before our very eyes. People are saving.
Amidst the upheaval caused by COVID-19, the decline of the airline industry and the hotel and hospitality industries, from an economic perspective, what has resulted is fascinating. Households, individuals, and companies have been putting away cash. Not for a rainy day, but for when they can trust the future again.
When that trust returns and we have a renewed confidence, I believe there will be a “Pent Up Cash” Extravaganza. And we need to be prepared for it. Is your business prepared for when people start buying again? Are you even thinking about that time?
In today’s episode, I share a mini economics lesson that all business owners need to understand right now. Consumers will spend again, and the way you position yourself now matters. I’m sharing how you can prepare for the coming “Pent Up Cash” Extravaganza and ensure your business is positioned well to receive it. It’s true that fortune favors the bold, but it also favors the prepared.
Today on the Power + Presence + Position Podcast:
- Why consumers haven’t been spending as much during the pandemic.
- A mini economics lesson on the personal savings rate.
- The reasons why the savings rate increased.
- Why confidence in the future is a critical gauge of consumer spending.
- How vaccines affect the economy and our cash savings.
- How to position yourself for growth in 2021.
Resources Mentioned:
- If you found this episode helpful or useful, let me know by sending me a DM on Instagram.
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