Nigeria finance bill will modestly increase revenue

Significance The bill aims to expand the accruable revenue for the federal government, crucial for meeting the government’s 2022 fiscal targets. In particular it looks to close existing tax loopholes rather than raising consumption taxes which could inhibit economic growth. Impacts Increased taxes will only have a limited impact on consumer spending and inflation. The bill will not appreciably increase state-level revenues. Broader institutional reforms in the public sector are unlikely due to powerful patronage networks.

Relationship between personality traits and consumer rationality regarding the intention to purchase collaborative fashion

PurposeThe study aims to identify the antecedents of consumers' collaborative fashion purchase intention by analysing innovativeness, self-confidence and consumer spending self-control variables as antecedents.Design/methodology/approachA descriptive quantitative research was performed to verify the influence of such variables based on data collected through an online survey and analysed by structural equation modelling (SEM), which resulted in a final sample of 230 valid respondents.FindingsThe main findings include innovativeness as a strong antecedent of intention to consume collaborative fashion. However, self-confidence and consumer spending self-control are not related to adopting this consumption format, suggesting that collaborative fashion can promote reverse effects by stimulating excessive consumption.Practical implicationsThe results can assist companies of collaborative fashion to enhance their strategies to attract consumers looking for creative reuse of items, for example, by offering repair, revitalisation services and promoting meetings to share tips on how to reuse items creatively. Companies can also improve communication campaigns by focussing on the product itself, rather than price, which seems to be more effective in the context of collaborative fashion consumption.Originality/valueThe study is amongst the first to analyse the influence of consumers' personality traits towards collaborative fashion consumption and provide the scope with findings on the interrelationship between personality traits and consumer rationality, which can broaden the understanding about the potential rebound effects in this context.

Covid-19 Impact on Retailing

In early 2019, retailers had reason to be optimistic. Unemployment was low and while many retailers closed branches, overall, retailing rose. The hospitality and travel industries were at their highest revenue levels in more than 16 years and consumer spending was at a high. Traditional retail formats were no longer working as Omni channel retailing took hold. Very few could have predicted that retail employees would become essential workers as a pandemic hit the world. The retailing industry took a major hit and experts are unsure about a total recovery. In this paper we examine the impact of COVID-19 on retail environments and what the future of retailing may hold

The COVID-19 Inflation Weighting in Israel

Significant shifts in the composition of consumer spending as a result of the COVID-19 crisis can complicate the interpretation of official inflation data, which are calculated by the Central Bureau of Statistics (CBS) based on a fixed basket of goods. We focus on Israel as a country that experienced three lockdowns, additional restrictions that significantly changed consumer behavior, and a successful vaccination campaign that has led to the lifting of most of these restrictions. We use credit card spending data to construct a consumption basket of goods representing the composition of household consumption during the COVID-19 period. We use this synthetic COVID-19 basket to calculate the adjusted inflation rate that should prevail during the pandemic period. We find that the differences between COVID-19-adjusted and CBS (unadjusted) inflation measures are transitory. Only the contribution of certain goods and services, particularly housing and transportation, to inflation changed significantly, especially during the first and second lockdowns. Although lockdowns and restrictions in developed countries created a significant bias in inflation weighting, the inflation bias remained unexpectedly small and transitory during the COVID-19 period in Israel.

Impact of the Economic Impact Payments on Consumer Spending:\\ Analysis on a Granular Level of American Counties

This paper draws on weekly consumer spending data collected by American private companies to analyze the impact of the Economic Impact Payments on consumer spending in American counties. We use regression discontinuity design to quantify the causal effect of the Stimulus Checks on spending and use heterogeneity in economic and demographic factors to determine which groups of counties increased their spending the most, to see what factors affected the Stimulus Checks’ effectiveness. We then use the observed difference in impact across groups of counties to discuss whether the Stimulus Checks were the optimal governmental policy in the crisis and discuss the effectiveness of one-time transfer payments in future recessions.

When and whom should retailers offer price reductions in times of crisis?

PurposeWith a decrease in consumer spending during the coronavirus disease 2019 (COVID-19) pandemic, many retailers are offering price reductions to stimulate demand. However, little is known about how consumers perceive such price reductions executed during turbulent times. The authors examine whether the timing of price reductions and individual differences impact consumers' evaluations of the retailers offering such reductions.Design/methodology/approachUsing a longitudinal design, the authors inquire into four retailers' motives that consumers may infer from a price decrease at two different times during the COVID-19 crisis.FindingsThe authors find that the timing of price reductions plays a key role in shaping consumers' inference of retailers' motives. The authors also uncover individual characteristics that affect consumers' inferences.Originality/valueThis research advances the literature by demonstrating the critical role of timing and individual characteristics in consumers' perceptions of price reductions during times of crisis. The authors findings also provide retailers with actionable insights for their pricing strategies. The findings may be generalizable to other types of crises that may arise in the future.

Analysis of Improving the Living Standards of the Population

Annotation: This article analyzes reforms in the standard of living and welfare of the country's population, and develops scientific conclusions and recommendations for further improving the living standards and welfare of the population. Keywords: population, living standards, welfare, income, needs, wages, pensions, goods, food, consumer spending.

Gross domestic product and critical infrastructure

GDP is considered as a critical infrastructure that characterizes the global interaction of consumers and manufacturers of the final product in the national economy. For the analysis and modelling of GDP, the Leontiev model is used to analyze and to model GDP as a critical infrastructure, where costs are interpreted in two ways - as consumer spending and as producer costs. This allows you to determine the degree of their influence on each other through the established production structure. Based on Leontiev's aggregated three-sector model, two scenarios were modelled: a) the impact of final consumer spending on output and the formation of added value and b) the impact of changes in added value on output and final consumer spending. The model includes three sectors – the agricultural sector, industry and service sectors. In the first scenario, the increase in the final consumed product in the agricultural sector by 1000 yen causes an increase in output in the agricultural sector by 1153.5 yen, in industry by 594.4 yen and in the service sector by 358.1 yen. At the same time, total production costs will increase by 1106.0 yen; added value will increase in the agricultural sector by 549.8 yen, in industry – 216.8 yen, in the service sector – 233.4 yen. The volume of production growth can be determined only through the Leontiev model. In the second scenario, an increase in added value in the agricultural sector by 1000 yen brings about an increase in output in the agricultural sector by 1153.5 yen, in industry by 1470.4 yen and in the service sector by 480.7 yen. For both scenarios, the assessment and verification of calculations of GDP growth and output are carried out by the balance method – output and GDP growth is described within the Leontiev model. The three-sectoral model is useful for educational purposes, scientific research; to reach the method in a specific example. The approach can be extended to models of greater dimension and large size.

Fluctuating Value Added Relationship of the Real Sectors to the Consumption Spending Movement: Evidences from Iraq

The subject of added value is of great importance to many economists because of its ability to calculate the output away from falling in the problem of duplication in the calculation of intermediate and semi-manufactured goods. Interest in this topic has increased recently, especially from Iraqi economists, and we seek in this research to A statement of the extent to which the added value was affected by consumer spending, as the research found a fluctuating, reciprocal and continuous relationship between the added value of economic activities and the consumer agreement movement, as well as the austerity policies produced by the Iraqi government after 2014 and many deductions from the salaries of employees and retirees have an impact on the agreement movement of consumers and added value For all sectors, while the research recommended the reconstruction, rehabilitation and operation of factories and companies in the form of a partnership between the state and the private sector, the truth is that the state started to apply the partnership in the industrial and service sector, but it raised its hand from supporting the national product by providing fuel at affordable prices and energy or communications and others in order to reduce costs and enhance Value added. Also, legislation should be in place to protect the product My country is extremely competitive with foreign products. Existing legislations are not sufficient to activate the customs tax on imports of foreign goods and services.

When the Pandemic Creates Behavioral Changes and Economic Crisis: The COVID-19 Pandemic and the Implications for Policy Making

The COVID-19 pandemic is no longer simply a “health crisis” but seems to have far-reaching impacts and implications as well. The pandemic has led to an unprecedented decline in consumer confidence (demand shock) as people quickly changed their spending behavior to focus on basic needs. In response, the government has taken actions to boost consumer confidence and spending through stimulus packages and other aid. This research uses a public database of private sector data with current information on consumer spending and employment and implements Abraham Maslow’s psychological theory, the hierarchy of needs, and Keynesian economics to explain consumer spending behaviors and the U.S. government’s response to the pandemic. Three hypotheses are developed and tested using regression analysis. First, the findings of the regression discontinuity show significantly higher spending in industries fulfilling basic needs than in nonessential sectors. Second, a causal relationship was found between aggregate demand, more specifically consumer spending, and employment, revealing the distinctness of the pandemic-caused recession driven by coronavirus fear. The final regression discontinuity was tested to observe the effect of stimulus checks (CARES Act) on spending and economic recovery, revealing positive impacts of boosting aggregate demand. This study provides evidence that while high-income households and individuals were the least impacted by the pandemic regarding employment, they showed the most dramatic changes in spending behavior. The study provides discussions and implications as to how to mitigate the effects of the COVID-19 recession in the U.S.