Research Brief: Retail Sales – March 2021

Consumer spending dips after January surge. Following the delivery of stimulus checks at the beginning of this year, retail sales jumped across all categories. The surplus spending resulted in a month-over-month decline in February. Core retail sales dipped 3.3 percent last month, though the level is up 6 percent from the same period in 2020. Additional stimulus is currently arriving in most residents’ accounts and should reverse the trajectory of consumer spending, particularly due to the significantly higher capital infusion. The latest round of personal checks are $1,400 for most recipients, more than double the $600 checks that aided in a 7.4 percent jump in retail sales in January.

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