Americans are ready to shop again — here's what they're buying
Helped by federal stimulus, consumer spending has begun to recover after bottoming out in March and April.For the most part, Americans spent very little during the pandemic — up until now.shattered expectations, jumping 17.7% in the biggest monthly surge ever. President Donald Trump was quick to post on the news.by cutting out purchases such as clothing and gas, according to a survey by MassMutual.
"We all expected to see that credit card balances fall in April, but these numbers are still staggering," said Matt Schulz, chief industry analyst at CompareCards. "It's not realistic to think those types of declines will continue." It's clear, after the record jump in retail sales, that many Americans have already started to loosen the purse strings.According to MasterCard,
spending has begun to "normalize" after bottoming out in the spring. Visa also reported increased outlays on food, home improvement and retail services in May. "We're seeing some of that pent-up demand come back," said Vasant Prabhu, Visa's chief financial officer, in a June 2 webcast.is the first thing they are spending money on as social distancing guidelines are lifted, followed by traveling to visit family and getting a haircut, according to a recent report by CompareCards.
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