With the new administration taking over and so many changes coming both organically and through executive action, things are changing fast. It’s hard to keep a bead on it all. And it’s easy to overlook some maybe obvious, maybe not-so-obvious trends that will significantly impact consumers’ day-to-day lives, needs and spending. While the retail industry is worried and talking about returns, here are a few key retail trends that nobody is talking about YET.
#1 - Gas Prices Are Going Up Fast
The price of oil was already going up leading into the Biden presidency, and his aggressive stance on pouring more money into the market will likely increase demand. Last week, Janet Yellen, the former Federal Reserve chair and newly-confirmed U.S. Treasury secretary told the Senate Finance Committee that the government should “act big” when it comes to fiscal spending aimed at boosting the economy. Further, Biden’s move to shut down the Keystone XL Project underscores his focus on accelerating the transition from fossil fuels. The downstream impact on consumer spending will likely be vast, particularly as those frontline and essential workers who need to travel to work, and who can often make less income, may be hit hardest. Whether the president is able to offset it somewhat with a stimulus package remains to be seen.
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