Retail Shopping Is Returning to “Pre-Pandemic” Levels
Things are slowing returning back to normal since the beginning of the COVID-19 shutdown, and this also includes shopping in person!
According to a report by the Associated Press, retail purchases saw an increase of 1.2% in July, which marks the third straight month in a rise in retail shopping. This comes after seeing a huge drop in March and April when many states shutdown in hopes to slow the spread of COVD-19. It is believed that most of that spending has come from the $1,200 stimulus check as well as the $600-a-week federal unemployment check and State benefits.
Uncertainty surrounding job and income prospects could weigh on consumer confidence and spending going forward, especially now that enhanced unemployment insurance measures which provided critical support to households have expired - Rubeela Farooqi, chief U.S. economist at High Frequency Economics.
Experts do not believe this will remain this way however, as the $1,200 stimulus check unlikely to be repeated as well as the expiration of the the extra $600-a-week unemployment checks. Most retailers have stated that the supplemental unemployment aid has helped the additional sales of clothes and non-essential items.