Wells Fargo says 5-10% of pre-Covid19 retail demand could be lost forever.

  • Wells Fargo said a healthy fraction of consumer demand for clothes and shoes could be lost forever.
  • It could take at least nine months for sales levels to reach their “new normal”.
  • Wells Fargo surveyed more than 1,000 U.S. consumers and found respondents, on average, plan to cut back their spending by roughly 8%.