I can see a short term boom on spending for leisure

 I can see a short term boom on spending for leisure, but overall, i do not think there is this big pent up demand to buy. Coronavirus forced me to save when it first came about to the point that by the end of the year, i was able to spend some of it on things i have been wanting for 3-4 years now so my "pent up demand" is gone for the most part. Ive heard similar stories on here and from IRL friends. On the other end of the spectrum, you have people who lost it all and cant afford to buy anything but necessities and will be trying to rebuild. I just dont think that bodes well for spending and money velocity.

Same here. It’s not worth it to buy anything right now. We might spend money on eating out, but vacations are not happening for awhile. The economic outlook for too many people are still very bleak. The pandemic unleashed a host of issues, and government policies are the only things holding it together, one that ends, we’re in for hurt.