For Immediate Release
Chicago, IL – April 29, 2021 – Stocks in this week’s article are Abercrombie & Fitch Co. (
ANF Quick Quote ANF - Free Report) , AutoNation, Inc. ( AN Quick Quote AN - Free Report) , MarineMax, Inc. ( HZO Quick Quote HZO - Free Report) , L Brands, Inc. ( LB Quick Quote LB - Free Report) and Macy's, Inc. ( M Quick Quote M - Free Report) . Snap Up These 5 Retail Stocks as Consumer Confidence Soars
Americans are way more confident now, thanks to the two-pronged approach of massive stimulus package and mass inoculation drive. Markedly, U.S. consumer confidence — a key determinant of the economy’s health — leaped for the second successive month in April and reached the highest mark since the pandemic gripped the economy. Easing of restrictions and gradual pick-up in economic activities have ushered a sense of confidence with more people returning to their work place and the unemployment rate showing signs of improvement.
Undeniably, the government’s timely intervention to provide financial assistance did play a major role in lifting the consumer sentiment. Per the Conference Board, the Consumer Confidence Index jumped to 121.7 in April from March’s revised reading of 109.
This marks the highest level since February last year, when the index was at 132.6. Lynn Franco, senior director of economic indicators at The Conference Board said, “Consumers' assessment of current conditions improved significantly in April, suggesting the economic recovery strengthened further in early Q2.”
Certainly, an upbeat sentiment is likely to translate into increased consumer spending, which accounts for more than two-thirds of U.S. economic activity. Any uptick in consumer spending is always a welcome news for retailers. Economists pointed out that as business organizations and industries start to operate at an optimum level, it could potentially ramp up hiring activity, and in turn prompt consumers to spend more freely.
Meanwhile, the passing of a coronavirus relief package worth $1.9 trillion that entitles eligible Americans to $1,400 stimulus checks has boosted spending activity across the board. Evidently, U.S. retail and food services sales in March rose 9.8% sequentially to $619.1 billion. Americans flocked to restaurants and bars, bought apparels, spent on gasoline, and purchased sports equipment, furniture and electronics and appliances. Sales at auto dealers were also strong.
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