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Ultimate Stocks: The woes of not being ‘essential’

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If coronavirus has been beneficial for one thing, it is the state of my bank account. Five weeks (and counting) of lockdown means my spending has been reduced to food shopping – and that is it. Bars, restaurants and shops – the locales which usually consume a great deal of my annual salary – are closed. There is no need to buy new clothes when there are no events to wear them at, and most of the retailers are closed anyway.

Clearly, I am not alone. Spending has dried up during lockdown, while furloughs, job losses and immense economic uncertainty could stifle demand for non-essential items for many months to come. The retailers, pubs and restaurants are facing a very uncertain future.

And their pain is being shifted up the supply chain to the manufacturers of non-essential consumer goods. In part three of our Ultimate Stocks coronavirus assessment, we examine the challenges facing L’Oreal, LVMH and Diageo.…

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