- "Consumer confidence rose sharply for a second straight month, hitting the highest level since the pandemic began," according to the Conference Board Consumer Confidence Index.
- "Economists believe that the rising consumer confidence will bolster overall economic growth as consumers, who account for 70% of economic activity, step up their spending as lockdown restrictions are eased." *
This is welcome news for many retailers, as consumer confidence has been a key leading indicator of retail sales.
However, a note of caution: retail sales are not the sole component of consumer spending.
- "As more businesses and cities reopen, consumers will have even more places to spend the savings they've accumulated during the pandemic." **