Consumer Behavior

TJ Maxx leader expects spend surge, revenge shopping ahead

Photo by istock.com

February 26, 2021

Once COVID-19 vaccinations are widely available TJ Maxx's CEO Ernie Herrman expects a surge in consumer spend and "revenge shopping" to hit the retail sector.

His prediction was made during an analyst call this week, according to a CNN report, during which he discussed sales activity at TJX brands, which include discount retailers TJ Maxx and Marshalls.

One retail expert said revenge shopping is already in play in China given a surge in spending on top tier products.

Herrman isn't alone in his expectations, noted the CNN report, as Kimco Realty CEO Conor Flynn predicted "a lot" of revenge shopping and spending to come in an analyst call last week.

The sentiment echoes recent statements from the National Retail Federation which predicts retail sales could grow as much as 8.2% this year.