Conventional wisdom held that U.S. shoppers would save paychecks and stimulus funds until the pandemic subsided. But big retailers report brisk sales.
In California’s first major unemployment fraud case in the coronavirus outbreak, 21 people in Northern California allegedly helped steal $250,000.
Lowe’s Chief Executive Marvin Ellison has certainly witnessed that trend. As his company reported same-store sales in the U.S. had increased at a blistering 35.1% rate, he said he’s seeing a behavior change in consumers.“It’s a shift away from vacations. It’s a shift away from dining out. It’s a shift away from apparel purchases.
Those retailers that haven’t fared as well are the ones closely linked to the American shopping mall, especially department stores and retailers focused on apparel.
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