I wonder what fraction of consumption people who’ve been lost their income during the crisis is. If 20% of the workforce is laid off, does that mean consumption will go down 20%? Is the salary/spending power of the group who were laid off representative of the entire workforce? Or does it skew in a particular direction.

I ask because one explanation of the disconnect is that consumer spending in general hasn’t actually dropped that much, it’s just moved away from in-person small businesses.

I know it's anecdotal but April was our lowest spending month for 20 years, despite having plenty of cash on hand.

You can't spend much when most shops are closed and visiting the ones that are open comes with quite a risk.