OK, I'll (Still) Buy It: The Resilient Q1 Consumer

In Q1 2023 consumer spending rose 37 the most in almost two yearsamp160Thursdayamp8217s report from the Commerce Department showed that consumer spending grew significantly more than the fourth quarteramp8217s 1 annual rateConsumers are buoyed by a strong job market and bigger paychecks Labor force participation keeps ticking up month over month with March punching in at 626 Higher wages and immigration rebounding helps the participation rate among primeage workers 25 to 54 reached the prepandemic level Weamp8217re back to work and getting paidWhere are consumers still spendingIn March shoppers spent quite a bit online at least 12 more than last yearamp160 Jewelry and clothing sales in particular climbed year over year and people went out in their new outfits spending in restaurants and bars was up 13 from a year ago per the Commerce Departmentamp160amp160A peek into Bank of America credit card statements shows that air travel was up in March perhaps an indicator of summer plans Despite last yearamp8217s spike in spending on services and quotrevenge travelquot consumers may still not have had their fill of revenge Like the Count of Monte Cristo consumers may not be satisfied with just one swim to an island off the coast of Marseille Both American and Southwest Airlines are projecting a strong summerWhere are consumers pulling backConsumers are stating that they plan to spend less Deloitteamp8217s State of Consumer Tracker has them intending to spend 15 less over the next four weeks But as market researchers know taking consumers at their word can be misleading While they may be pulling back slightly on bigticket purchases like vehicles and home improvement in March theyamp8217re still spending more on goods and services relative to last quarterWhen will the talkedabout recession finally hit Probably not this quarter For now consumers have planes to catchThis article originally appeared on MediapostcomPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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OK, I'll (Still) Buy It: The Resilient Q1 Consumer

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Corinne Casagrande

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

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OK, I'll (Still) Buy It: The Resilient Q1 Consumer

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Corinne Casagrande

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"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

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