August 24, 2021

Given the recent surge of the Delta variant, we will continue to track changes in consumer sentiment and behavior as the next normal continues to evolve.

US consumer spend recovered in Q2 2021, driven by the confluence of increasing vaccination rates, stimulus payments in March 2021, an optimistic outlook toward economic recovery, and the general reopening of the economy. Consumers’ pent-up demand and willingness to spend in some discretionary categories caused spending to grow at 20 to 30 percent year over year, reaching 4 to 7 percent above pre-COVID-19 levels. While lower- and middle-income consumers drove much of the spend increase through the spring of 2021, we now see a change, with the recent increase coming primarily from higher-income groups.

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