“Their balance sheet is in excellent, outstanding shape – coiled, ready to go and they’re starting to spend money,” said Jamie Dillion, Chief Executive Officer at JPMorgan Chase. Dillon also noted that consumers have $2 trillion or more cash in their checking accounts than they did before the pandemic.
Consumer spending is directed towards a variety of purchases, such as clothing and sporting goods. Clothing stores have seen sales rise by 18.3%. This financial jump shows that shoppers are refreshing their wardrobes.
The following items have recently surged in retail sales:
- Skirts, jumpsuits and dresses
“People are making plans,” StyleSage’s Elizabeth Shobert said. “There was just nothing to buy stuff for — aside from the comfort gear like sweats and what you would wear when you’re working out on your Peloton this past year. So this really does mark a shift.”
Not only are shoppers revamping their closets, but they are also prepping for future events. The pandemic has led to all-time heights of pent-up consumer demand. And now, consumers are shopping for occasions, such as travel, weddings, events and more – something that they haven’t really experienced in the past year.
“You’ve got young women that are now able to put a prom date on the calendar and they’re coming to our stores and websites. You’ve got mother of the bride. So, you definitely have wedding dates that you’re starting to see pop up onto people’s calendars, and you’re seeing them over at the bride category. And then, just people that are going out more, and so you see that in casual day dresses,” said Jeff Gennette, Chief Executive Officer at Macy’s.