Early signs point to an uptick in consumer spending at the start of the year, particularly by lower- and middle-income households receiving payments through the most recent Covid-19 relief package.
Spending by consumers who make less than $60,000 a year jumped by more than 20% in the week ended Jan. 10—the week after the U.S. Treasury Department began electronically sending stimulus payments of $600 per adult and $600 per child for individuals with adjusted gross incomes under $75,000—according to the research group Opportunity Insights’ tracker of figures from Affinity Solutions, which collects consumer credit- and debit-card spending data.
Author(s): Harriet Torry
Publication Date: 14 February 2021
Publication Site: Wall Street Journal