Exhaling after more than a year of pandemic-related restrictions, consumer confidence is on the rise.
As vaccination rates increase in the U.S., so will people’s willingness to open their wallets. Nearly half of people polled by Charles Schwab SCHW, -2.14% are keen to live large, and get back to their spending levels before the COVID-19 pandemic. What’s more, almost a quarter say they want to splurge and make up for lost time, the survey, released Wednesday, found.
After more than a year of quarantine and illness, people are ready to exhale. “We’re also seeing a healthy balance — even as many people are eager to get out to spend, they also want to nurture newfound, healthy savings and investing habits developed over the last year, and it seems that will be an ongoing marker of this next chapter,” he said.
Many Americans will likely be hit by higher prices if/when their spending gains momentum. Consumer prices rose sharply in April, with the rate of inflation hitting 4.2%, up from 2.6% in the prior month — the highest level in nearly 13 years, signaling greater stress on the economy as businesses grapple with supply shortages. Exhibit A: used-car prices.
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