Bourbon Street in New Orleans, Louisiana, is deserted on the evening of February 16. Traditional Mardi Gras celebrations have been disrupted by the Covid-19 pandemic, including the cancelling of all carnival parades and the closing of all bars in the French Quarter. The impact on face-to-face services, including food and entertainment, may last long after the pandemic ends. Photo: Getty Images / AFP Bourbon Street in New Orleans, Louisiana, is deserted on the evening of February 16. Traditional Mardi Gras celebrations have been disrupted by the Covid-19 pandemic, including the cancelling of all carnival parades and the closing of all bars in the French Quarter. The impact on face-to-face services, including food and entertainment, may last long after the pandemic ends. Photo: Getty Images / AFP
Bourbon Street in New Orleans, Louisiana, is deserted on the evening of February 16. Traditional Mardi Gras celebrations have been disrupted by the Covid-19 pandemic, including the cancelling of all carnival parades and the closing of all bars in the French Quarter. The impact on face-to-face services, including food and entertainment, may last long after the pandemic ends. Photo: Getty Images / AFP
Stephen Roach
Opinion

Opinion

The View by Stephen Roach

Coronavirus vaccinations: even herd immunity may not revive America’s lost consumer spending

  • The US government’s massive stimulus has helped to revive retail sales, but only in certain categories
  • Notwithstanding the release of pent-up demand for consumer durables, face-to-face services, including food and entertainment services, show signs of lasting damage

Bourbon Street in New Orleans, Louisiana, is deserted on the evening of February 16. Traditional Mardi Gras celebrations have been disrupted by the Covid-19 pandemic, including the cancelling of all carnival parades and the closing of all bars in the French Quarter. The impact on face-to-face services, including food and entertainment, may last long after the pandemic ends. Photo: Getty Images / AFP Bourbon Street in New Orleans, Louisiana, is deserted on the evening of February 16. Traditional Mardi Gras celebrations have been disrupted by the Covid-19 pandemic, including the cancelling of all carnival parades and the closing of all bars in the French Quarter. The impact on face-to-face services, including food and entertainment, may last long after the pandemic ends. Photo: Getty Images / AFP
Bourbon Street in New Orleans, Louisiana, is deserted on the evening of February 16. Traditional Mardi Gras celebrations have been disrupted by the Covid-19 pandemic, including the cancelling of all carnival parades and the closing of all bars in the French Quarter. The impact on face-to-face services, including food and entertainment, may last long after the pandemic ends. Photo: Getty Images / AFP
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Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.