That's according to two market analysts who told CNBC'son Friday that the retail trade should pick up steam for the rest of 2021 as back-to-school and holiday shopping return.
"Consumers are sitting on a ton of cash," between $3 trillion and $5 trillion in excess savings, Federated Hermes portfolio manager Steve Chiavarone said. "Wages are moving up at a nice clip. And while delayed in some places, we think back to school and back to work are not at all canceled, so we think areas of consumer spending like apparel, electronics are going to be really strong in this back-to-school season," he said.
Chiavarone added that while in lockdown in 2020, consumers spent 5% more on holiday shopping than they did the prior year. Now, with more pent-up demand andpotentially peaking, this holiday season could be even bigger, he said. The charts support that thesis, Piper Sandler's Craig Johnson said in the same interview, pointing to a graphic of the
Source: News Formal (newsformal.com)
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