Consumers Shift Spending Away from Clothing, Furniture, and Travel

Beginning in March, states and municipalities across the United States reacted swiftly to stop the spread of the COVID-19 novel coronavirus. With widespread mandates for businesses to remain closed and residents to stay at home, the shutdown orders have had a devastating impact on the nation’s economy, particularly for the retail sector. The speed at which events have been unfolding is unprecedented. In April, economists were struggling to adjust forecasts based on limited and largely anecdotal information. As we approach the U.S. Memorial Day holiday, the extent of the economic damage is becoming much clearer.