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According to the U.S. Commerce Department, consumer spending increased 4.2% in March, after falling 1% in February. Since approximately one third of the U.S. population has received at least one dose of COVID-19 vaccine, increasing numbers of people are resuming out-of-home activities and returning to a pre-pandemic lifestyle. As a result, retail store traffic is gaining significant momentum.
Since a surge in income is expected to further boost consumer spending, retailers Walmart Inc. (WMT), Target Corporation (NYSE:TGT), Albertsons Companies, Inc. (ACI), and Macy’s, Inc. (NYSE:M) could emerge stronger with solid financials. So, we think it could be wise to bet on these stocks now.
