In March, retail spending experienced its largest growth in over two years, rising 1.4% from February, primarily due to increased vehicle sales. Anticipating President Trump's new tariffs on imported cars, consumers rushed to buy automobiles, resulting in a 5% rise in spending on vehicles and parts. Despite this surge, concerns remain about future consumer sentiment and spending as tariffs may impact prices and consumer confidence. Major retailers are already adjusting their financial forecasts amid growing anxiety about economic conditions, despite current indicators showing a robust job market and rising incomes.
Spending at stores, restaurants and car dealerships grew 1.4% in March compared to February, largely driven by a surge in auto purchases.
Economists at Cox Automotive predict car-buying may continue for a few months before tariff-induced price increases dampen sales.
Collection
[
|
...
]