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

Stephen Roach
Stephen Roach

Updated: 2:09am, 24 Feb, 2021

Why you can trust SCMP
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.