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The Decline of the Nice-to-Have Economy - WSJ
Source: wsj.com
Article summary:
1. Over the past decade, startups have provided Americans with a variety of conveniences and luxuries, which were further boosted by pandemic lockdowns.
2. Now, however, consumer confidence is at its lowest point since the 2007-09 recession and people are cutting back on spending on these 'nice-to-have' products.
3. Companies in this sector are struggling to remain profitable due to high fixed costs and low margins, as well as changing consumer demand.
Article analysis:
The article “The Decline of the Nice-to-Have Economy” from The Wall Street Journal provides an overview of how companies offering convenience and luxury services have been affected by the economic downturn caused by the pandemic. The article is generally reliable in its reporting, providing evidence for its claims such as citing data from Harvard Business School professor Thomas Eisenmann’s book “Why Startups Fail” and examples of companies that have been affected such as Nestlé, Blue Apron, HelloFresh, Buyk, Jokr, Gorillas, Gopuff and DoorDash.
However, there are some potential biases in the article that should be noted. For example, it does not explore counterarguments or present both sides equally; instead it focuses solely on how companies offering convenience and luxury services have been affected by the economic downturn. Additionally, while it does provide evidence for its claims such as citing data from Eisenmann’s book and examples of companies that have been affected by the downturn, it does not provide any evidence for why these companies are struggling or what could be done to help them recover. Furthermore, while it does mention inflation-battered spending power and a cooling job market as reasons for why consumers are cutting back on spending on these products, it does not explore other potential causes such as rising taxes or increasing debt levels among consumers.
In conclusion, while this article is generally reliable in its reporting of how companies offering convenience and luxury services have been affected by the economic downturn caused by the pandemic, there are some potential biases that should be noted when considering its trustworthiness and reliability.