LTNman
Germany is not debt free as Govt debt to GDP using 2019 figures was debt was 60% of that, UK was 81%, US was 107%.
Govt debt will have expanded massively this year so will be interesing to see figures when eventually published.
I believe personal debt of many people will have declined. It is not what certain elements in media pushing.
If you worked in London, season ticket cancelled, furloughed and getting 80% of pay then there is no way you were worse off. Friends in Zone 6 both working in £35k ish a year jobs have saved £12k during lockdown. Season ticket refunded £1500 each, coffee and lunch was £15 a day, station parking and all the add ons. Mid 30's and openly admit that since started work it is the 1st time that credit cards were zero, there is money in the bank during last week of the month. Baby they always talked about is now on way with a June arrival and both have taken lots of those onlione course where doubtful they will be back working in London.
Many of the fashion consumers have declined because to quote boss of Next at start of 1st lockdown, "Nobody is buying a Saturday night outfit, to stay at home".
The biggest consumer issue is people have forgotten about it and life has moved on.
This is the biggest challenge to the aviation industry as 6 short weekend breaks a year did not happen in 2020, and unlikely in 1st half 2021, people get used to doing something else.