LONDON, UNITED KINGDOM – 2021/07/27: Women protect themselves from rain under an umbrella as they walk by a sign in a shop.
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LONDON — European consumers are proving more reluctant to spend money this summer, and it could hurt the economic recovery following the shock from Covid-19, experts told CNBC.
The behavior marks a sharp contrast to last year, when there was a feeling of seizing the moment after the first Covid lockdowns in the region were lifted. Now, consumers are afraid they will be living with Covid-19 for longer than they had expected and are adjusting their attitudes accordingly.
“Because [the pandemic] has been going on for 18 months or so, we have got used to working from home and [are] more cautious about spending,” Marchel Alexandrovich, European economist at investment bank Jefferies, told CNBC on Monday.
Consumers are particularly skeptical about attending crowded events, according to Paul…