Pandemic purchases in the US reveal a surprisingly mixed bag
Cleaning products were to be expected — RVs, swimming pools and new homes, not so much
One of the more striking features of the pandemic is the inequity of the pain it has inflicted. It has disproportionately affected black and Latino communities. More than 16-million Americans are unemployed, nearly triple February’s levels, but investors in the S&P’s 500 Index are back in the green for the year. And while some businesses are looking at a multi-year slump in demand, others are experiencing their best sales growth ever.
The second-quarter earnings season brought fresh evidence of relative bright spots for spending, from the obvious demand for cleaning products to more surprising splurges such as swimming pools and Weight Watchers memberships. That’s a shift from the financial crisis of 2008 and 2009. You would be hard pressed to name large companies that didn’t experience some sort of a slowdown from that particular recession, let alone any that were outright beneficiaries...
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