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Retail Sales Are Up as Consumers Spend with a Vengeance

The coronavirus pandemic put the brakes on a great deal of experiential spending, meaning the money that might have been spent on vacations or dining out was likely saved instead. Combine that with an influx of federal stimulus money, which bolstered many consumers’ savings, and you have all the components of a surge in revenge spending. According to retailers, customers are back; they have money in their wallets and they are buying the things that make them happy.

“Consumers are starting to put to work some of the pent-up $2.5 trillion or so in savings accumulated during the pandemic,” says Tyler Higgins, head of retail practice at the global consulting firm AArete.

Read the full story at Forbes.