A coming US boom: consumer spending to power reopening

The US economy is embarking on a near-term boom as mobility normalises and consumers start to spend pent-up savings. We expect demand to shift strongly to services and leisure. New working and spending habits from the pandemic may also catalyse long-term growth in digital sectors.

The key takeaways of this edition are:

  • Consumers are starting to spend from an estimated USD 2.3 trillion in excess savings, favouring leisure, travel, and services.
  • We expect a boom in these sectors while durable goods sales retreat from pandemic-driven highs.
  • Overheating from this boom may raise inflation and interest rates, creating medium-term risk to GDP.
  • We expect the shift towards digitisation to be structural, with negative implications for commercial real estate.

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Economic Insights A coming US boom: consumer spending to power reopening

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