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Consumer spending is up, again. What are you spending money on these days?
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We're looking at increases in quality of life spending. Home improvements, vacation, and entertainment. A few years ago, home improvements didn't make much sense, it was better to sell and buy another house. However, with inflation and increased interest rates seeming all but inevitable, we're betting that this is the best time to make these investments since contractors are still hungry and there are great deals to be made. Inflation should stabilize home proces and drive them up making our current investments grow quickly.
Like many friends, we're still cautious but we've decided that we've held off long enough. We've gotta live a little!
My spending has stayed the same overall. The better economy has allowed me to boost my earnings a bit and replenish savings (both personal and retirement) that the effects of the recession forced me to put on hold. We have increased instances of going out to eat, fun activities for the kids, etc. The wine rack has a few more bottles in it. The fridge is filled with better beer. I agree with John. You do get to celebrate a little.
Following a recession and a time when a lot of purchases have been put on hold due to uncertainty, there is a stage in the economic cycle, as recovery begins when consumers begin to replace those big-ticket items they held off on. This is characterized as "pent-up demand". The good news is that it can also contribute to further acceleration in the recovery. We've been seeing signs of this trend. I know I'm doing my part!
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