Future outlook enhanced by Google Trends
The Household Spending Intentions (HSI) series for June 2021 continued to be heavily impacted by base effects from the volatility in the data experienced in mid 2020 – courtesy of COVID-19 impacts. Taking these base-effects into account, June 2021 saw declines in spending intentions for Home Buying, Retail, Travel, Entertainment and Motor Vehicles. Spending intentions did rise for Health & Fitness and Education. Comparing June this year, to the pre-Covid period of June 2019, shows some more positive results, with spending intentions up for Home Buying, Retail, Health & Fitness, Entertainment and Motor Vehicles. Not surprisingly, however, compared to 2019 spending intentions are lower for Travel and Education.
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