Core retail sales surged by $33 billion last month – an 8% increase – driven largely by the latest round of government stimulus infusing cash into Americans' pockets.
Core sales climbed 38% from last April's trough and are now up 15% from the prior peak in February of last year. Marcus & Millichap predicts April sales will likely be strong as well, "and then we may see some of the gains burn off as the stimulus checks are used up," said John Chang, Senior Vice President and Director of Research Services at Marcus & Millichap, in a recent video analysis.
"This kind of liquidity and consumption is unprecedented, but so are the economic risks of the pandemic that this liquidity is battling," Chang said.
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