Total spending was up 0.4% in April, following two months of declines, as consumers become more selective about how they spend.
“Moderating price levels, continued labor market strength and wage gains have increased consumers’ ability to spend,” NRF President and CEO Matthey Shay said in a statement following the news. Shay acknowledged, however, that consumers “remain cautious and concerned about the current economic environment.
Thomas said she expected shifts in spending in categories to be more significant than the overall spending number. Jonah Ellin, Chief Product Officer at 1010Data, a retail analytics firm, said the April numbers show the continued “resilience of the consumer,” calling the report “surprising and also counterintuitive.”
“I suspect durables and hard goods, general merchandise are going to be hit more so than others,” Ellin said in the interview. “Part of it is people already bought those things during Covid, when they were stuck at home,” he said.
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