As pandemic restrictions continue to ease, many people are ready to make up for the lost time by splurging on big-time purchases. But which industries are benefitting most from this revenge spending effect?
As part of a more extensive study about the U.S Pandemic Recovery, Ben Kaplan (Harvard-trained economist) and his TOP Data team analyzed aggregated data from 12 million Americans to compare which stores are getting the most vengeful foot traffic compared to pre-pandemic figures:
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Top 5 industries with the most revenge spending
• Personal Care Services (beauty salons, nail salons, etc.) – 56% above normal
• Sporting Goods Stores – 40% above normal
8 Restaurants – 11% above normal
• Apparel and clothing stores — 5% above normal
• Car Dealerships – 2% above normal
Which industries aren’t getting this revenge bump? Book stores (12% below normal), electronic stores (11% below normal), and amusement parks (43% below normal) are all pacing well below pre-pandemic levels.
Surprisingly, in the last 20 days, movie theaters went from 64% below normal to only 12% below normal as the U.S. economy’s biggest consumer-driven behavior change.
