Continued high-income household spending compensates for rising prices and reduced discretionary spending.
Inventory shortages, rising prices contribute to high demand as consumers maintain and upgrade their current cars.
However, the consumer-research firm sees mixed signals on the economic landscape.
U.S. Census Bureau data shows we have far surpassed sales levels from before the COVID recession.
U.S. retail sales grow to $47.89 billion in 2020, with early evidence suggesting stronger sales in 2021. While some sectors were badly hampered by pandemic restrictions, others report record sales in the latter half of 2020.
Retail sales in June are anticipated to reach approximately 1.2 million, a 1.3 percent decrease compared with June 2016.