Consumer Behavior

Consumer spend bounces back in January

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February 28, 2022

Consumer spend in the U.S. jumped 2.1% in January, compared to December 2021, indicating that shoppers are less worried about COVID-19.

The figure indicates the economy is on solid footing, according to a Wall Street Journal report.

Retail sales increased 3.8% from December and economists are optimistic spending will continue to increase as the year progresses.

"Now with Omicron fading rather quickly we should see that pent-up demand for in-person service consumption surge forward," Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, told the WSJ.