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CO-OP: Consumers Spending More on the Town

Spending is higher for experiences, but goods are expected to return with the back-to-school season.

online shopping cart full of packages Source: Shutterstock.

Credit unions should expect members to shop more heavily this month when the traditional back-to-school spending season “returns with a vengeance” after taking a break last year as the COVID-19 pandemic peaked, CO-OP Financial Services reported Monday.

The payments CUSO, based in Rancho Cucamonga, Calif., said consumers continue to shift habits as the economy reopens, spending more on experiences and less on goods. Dining, entertainment, lodging, camping, home improvement and gas continued to grow from May to June. At the same time, declines were seen among digital goods, computers and office equipment, furniture and supplies, which had been hot as the pandemic spread in the first half of 2020.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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