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Businesses face immense challenges today just to stay relevant. Competition is stiff. Customers are demanding. Everything turns on a dime. But as the economy continues to recover, there are signs of progress.
In 2020, as most Americans stayed home instead of traveling, dining out or engaging in other out-of-home activities, U.S. households accumulated as much as $1.6 trillion, leaving consumers with a lot of cash on their hands. During the same period, spending on durable consumer goods jumped to $103 billion, while spending on services fell $556 billion.
Though economic growth remains strong in 2021, forecasting for 2022 and beyond looks a little different. By the second half of 2022, the U.S. Bank expects the U.S. economy to expand at 1.5% to 2%. Growth could then slow below potential for several years.As the ongoing recovery creeps along, economists advise companies that provide goods and services to concentrate on delivering their product instead of marketing it. Due to lingering pandemic concerns, service providers will need to continue to find a balance between growing their business and protecting consumers and employees.
It’s no secret a mobile workforce is taking over the business world. And with 99% of remote workers wanting to continue the trend and 77% saying working remotely makes them more productive, it’s clear that may not change anytime soon.