Instant coffee mix and Nike Air Max footwear are all in. Bottled water and high-end Burberry trench coats are out. Welcome to America’s consumer economy in the coronavirus health crisis. It is completely different than anything that Americans have ever experienced. “Everything we knew about supply and demand, we can…throw out…because consumer behavior has changed completely,” said Piotr Dworczak. He is an assistant professor of economics at Northwestern University in Illinois. Reuters news agency examined a wide mix of goods and products to show how the COVID-19 crisis has changed consumer behavior for everything from clothing to food. These changes have given some businesses the power to raise prices or, at least, stop lowering prices. Business experts say all of this can be linked to one change: working from home. Over a very short period, a consumer-driven economy with predictable work and home spending changed completely. Rising demand for some products, as well as supply-chain problems, has pushed prices up. American consumers are now spending a lot more than they did a year ago on coffee, eggs, and cheese, the Reuters study found. The study was based on the latest pricing information from the Nielson Company and other data-gathering businesses. Demand and prices have increased for more costly items, such as Nike Air Max sneakers or a Louis Vuitton handbag. Economists explain this by saying that many people have more money right now because they are unable to buy things at stores or eat in restaurants.
Title: It's the COVID Consumer Economy
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/A.wav' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='It's the COVID Consumer Economy' data-article-id='5009'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='5563'>Instant coffee mix and Nike Air Max footwear are all in.</span> <span data-start-time='5563' data-end-time='11729'>Bottled water and high-end Burberry trench coats are out.</span> <span data-start-time='11729' data-end-time='18958'>Welcome to America’s consumer economy in the coronavirus health crisis.</span> <span data-start-time='18958' data-end-time='26000'>It is completely different than anything that Americans have ever experienced.</span> <span data-start-time='26000' data-end-time='38250'>“Everything we knew about supply and demand, we can…throw out…because consumer behavior has changed completely,” said Piotr Dworczak.</span> <span data-start-time='38250' data-end-time='45479'>He is an assistant professor of economics at Northwestern University in Illinois.</span> <span data-start-time='45479' data-end-time='61063'>Reuters news agency examined a wide mix of goods and products to show how the COVID-19 crisis has changed consumer behavior for everything from clothing to food.</span> <span data-start-time='61063' data-end-time='70854'>These changes have given some businesses the power to raise prices or, at least, stop lowering prices.</span> <span data-start-time='70854' data-end-time='79521'>Business experts say all of this can be linked to one change: working from home.</span> <span data-start-time='79521' data-end-time='90063'>Over a very short period, a consumer-driven economy with predictable work and home spending changed completely.</span> <span data-start-time='90063' data-end-time='99042'>Rising demand for some products, as well as supply-chain problems, has pushed prices up.</span> <span data-start-time='99042' data-end-time='111438'>American consumers are now spending a lot more than they did a year ago on coffee, eggs, and cheese, the Reuters study found.</span> <span data-start-time='111438' data-end-time='120750'>The study was based on the latest pricing information from the Nielson Company and other data-gathering businesses.</span> <span data-start-time='120750' data-end-time='132521'>Demand and prices have increased for more costly items, such as Nike Air Max sneakers or a Louis Vuitton handbag.</span> <span data-start-time='132521' data-end-time='144604'>Economists explain this by saying that many people have more money right now because they are unable to buy things at stores or eat in restaurants.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/4510/A.jpg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=15799 data-hint-location='26000' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/_what_is_consumer_behavior.wav'> What is consumer behavior?</div><div class='choices' data-correct-choice='the activities of individuals, groups, or organizations associated with the purchase, use and disposal of goods and services'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/the_amount_of_time_marketing_students_spend_on_doing_homework.wav'><span>the amount of time marketing students spend on doing homework</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/the_activities_of_individuals_groups_or_organizations_associated_with_the_purchase_use_and_disposal_of_goods_and_services.wav'><span>the activities of individuals, groups, or organizations associated with the purchase, use and disposal of goods and services</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/the_results_of_coivd19_testing.wav'><span>the results of COIVD-19 testing</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/animal_performance_during_obedience_school.wav'><span>animal performance during obedience school</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=15800 data-hint-location='99042' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/what_item_below_is_not_one_of_products_now_costing_consumers_more.wav'>What item below is not one of products now costing consumers more?</div><div class='choices' data-correct-choice='air travel'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/eggs.wav'><span>eggs</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/air_travel.wav'><span>air travel</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/coffee.wav'><span>coffee</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/cheese.wav'><span>cheese</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=15801 data-hint-location='70854' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/business_experts_say_the_change_in_purchasing_habits_can_all_be_linked_to__blank_.wav'>Business experts say the change in purchasing habits can all be linked to <span class='blank'>working from home</span>.</div><div class='choices' data-correct-choice='working from home'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/working_from_home.wav'><span>working from home</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/recent_protests.wav'><span>recent protests</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/past_boycotts.wav'><span>past boycotts</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/4510/consumer_travel_plans.wav'><span>consumer travel plans</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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