The pandemic has fundamentally changed consumer behavior. Grocery store spending rose during the pandemic while restaurant income fell. Apparel sales fell as Americans canceled events and spending on outdoor activities and home improvement rose. With vaccinations spiked – more than 58 percent of adults received at least one shot – and warmer weather set in, retailers have been waiting for spending to return to pre-epidemic levels.
LL Bean, one of the lucky American retailers whose sales rose last year as people flocked to buy cozy clothes, outdoor gear, and furniture, saw significant leaps in sales and an improvement in pedestrian traffic in this year compared to 2019 his business. But the retailer was also nervous about how it might fare in the second half of the year, including the holidays.
“Right now there is a lot of stimulus money in the market, there is a lot of disposable income, there is a lot of space for it,” said Stephen Smith, LL Bean executive director. “We see travel increase and people go back to dinner and add entertainment. But in general there is still money going into retail. “As more Americans get vaccinated, money could be poured into“ destination travel, ”airlines, and other events.
By and large, many retailers, including LL Bean, are optimistic about Americans’ propensity to spend as the vaccinations make them comfortable when they return to stores and postponed events reappear on calendars.
Etsy recently said that wedding-related sales rose more than 40 percent in the first quarter, while clothing retailer Revolve said it sees strength in “event dresses” thanks to pent-up demand for special occasions like weddings and graduation parties. Viral memes on social media reflect the exuberance some younger people feel thanks to vaccinations for the summer. Goods explain the beginning of “Shot Girl Summer” or they are “Vaxxed & Waxed”.
Mr Smith said LL Bean, which saw increased demand for items such as slippers last year, has seen renewed interest in jeans, oxford shirts and other clothing intended to be worn in public.
“People seem to be cleaning up a little,” he said. “Things with buttons and zippers start selling faster than things with elastic bands and cords.”
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