In their first quarter earnings reports, several retailers have noted that a confluence of factors — the federal government’s financial support to consumers, expanding immunization against COVID-19, the reopening of stores and pent-up demand after a locked-down year — all helped boost their sales.
The speed and heft of the recovery have been something of a surprise, according to a statement from NRF CEO Matthew Shay.
“The economy and consumer spending have proven to be much more resilient than initially forecasted,” he said, noting the combined effect of “vaccine distribution, fiscal stimulus and private-sector ingenuity.”
