Firms are noticing the $600bn shift.In a recent earnings call an executive at Darden Restaurants, which runs one of America’s finest restaurant chains, Olive Garden, noted that, relative to pre-covid times, “we’re probably in that 80% range in terms of traffic”.At Home Depot, which sells tools to improve homes, revenue is up by about 15% on 2019 in real terms.Goldman Sachs, a bank, tracks the share prices of companies that benefit when people stay at home (such as e-commerce firms) and those that thrive when people are out (such as airlines).Even today, the market looks favourably upon firms that serve stay-at-homers.Why has hermit behaviour endured?The first possible reason is that some tremulous folk remain afraid of infection, whether by covid or something else.In Britain, car use is in line with the pre-covid norm, whereas public-transport use is well down.People also seem less keen on up-close-and-personal services.In America spending on hairdressing and personal grooming is 20% below its pre-covid trend, while spending on cosmetics, perfumes and nail preparations is up by a quarter.The second reason relates to work patterns.Across the rich world people now work about one day a week at home, according to Cevat Giray Aksoy of King’s College London and colleagues.
