A quiet reservoir of economic strength is forming among households flush with cash, the Wall Street Journal reports, and it is reviving consumer spending:
The crisis caused by the coronavirus has pushed millions into unemployment and left them straining to get by. But many consumers in the U.S. and Europe who have held on to their jobs or are getting government benefits have seen their bank accounts swell during lockdowns, according to government data, because of restrictions on shopping and big-spending activities such as tourism.
Consumers with means are driving surprising strength in a number of sectors. People are flocking to home-improvement stores and car dealerships. They want to install pools in their backyards and Jacuzzis in their bathrooms. Spending on furniture has jumped. So have sales of fitness and sports equipment.
And with vacations and summer camps canceled and pool memberships on hold, families are looking for other ways to entertain themselves this summer.
Show.
Me.
The.
Money.
Well I indeed went down to the DIY shop and bought wood! I built a veg garden for next winter! It will be powered by the heat from horse manure. Check out my blog for details.