Economy
Junio 18, 2021 - < 1 min

Reopening effect: changes in U.S. consumer trends.

Consumers are shifting their spending to the service sector

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U.S. retail sales recorded a 1.3% drop in May, after a strong recovery in March (11.3% versus the previous month) and moderate growth in April (0.9%), showing the first signs of changes in consumption as activity returns to normal in the country. The U.S. population has accumulated savings estimated at some US$1.7 trillion (millions of millions) as a result of reduced spending due to pandemic-related mobility restrictions over the past year and economic aid granted by the government. This boosted retail sales in recent months - the US$620 billion reported last May compares with US$526 billion in February 2020, before the pandemic - but the end of the restrictions is diverting consumption to the service sector, such as consumption in bars and restaurants (up 1.8% in May) and travel, analysts say. Another piece of evidence for the cause: sales of clothing stores rose 3% in May, coinciding with the reopening of offices and the increase in social activities.