Great Goods

In 2008, at the start of the Housing Bust, household spending on goods was 34% of income, but it quickly fell to 32% by early 2009, near the end of the recession. It then resumed rising and was 36% pre-Covid. Then in just months it skyrocketed to 40%, a bump of four percentage points, what had previously taken 11 years! It’s still at 40%, 2.5 points above its pre-Covid trend.