Call it 'revenge spending.' Tens of millions of Americans cooped up over the past year are about to shell out big for a 'normal summer' filled with travel, concerts, dining out and shopping.
Consumer marketing strategist Lisa Miller calls it the 'journey back to joy,' as Americans plan to splurge on everything, they have been missing out on for the past 15 months.
“People are ready to get out of Dodge. Get a change of scenery. They've got a little jingle in their pockets now and so it's time to get back to some sense of normalcy.”
Car loans and mortgages are up, but credit card debt is down, and people are eager to buy new clothes as they return to work and school.
“People need to spend a little bit of money if they're going back to work in-person. They need to get some new clothes to get back to the office. So all kinds of things are really driving a surge in spending right now,” says Miller.
Miller believes youth sports also will play a large role in the economic comeback.
“Whether it's sports equipment. Whether it's uniforms. It's travel to the baseball game or the soccer game or the hockey game. Youth sports I also think is going to be a big boom relative to back-to-school.”