By Kyle Cheng
Economic indicators, such as consumer spending and new vehicle sales, showed a strong bounce back in May and continued to improve in June. However, other metrics, such as unemployment, will take much longer to recover.
The U.S. economy is recovering, but it will take time before the levels of production, output and economic activity enjoyed prior to the onset of the pandemic returns. April appears to have been the bottom of the economic downturn. Economic indicators, such as consumer spending and new vehicle sales, showed a strong bounce back in May and continued to improve in June. However, other metrics, such as unemployment, will take much longer to recover.
Furthermore, data shows that Americans have money to spend and are putting their money in savings at a higher rate. Savings represents pent-up demand among consumers that will return once confidence and clarity about the current situation is more certain.
Want more information on the trends affecting the specialty-equipment industry? Download the July “SEMA Industry Indicators Report,” now available for free at www.sema.org/research.
Also Available From SEMA Market Research:
2020 SEMA Market Report: Looking for a deeper dive into the specialty-equipment market? The “2020 SEMA Market Report” provides a comprehensive look at how the products your company sells are purchased and installed. Also included is the most up-to-date information on parts buyers, key industry trends and forecasts, and insights into the vehicles currently on the road.
SEMA State of the Consumer Report – July 2020: In this report, the SEMA Market Research team explores the current state of consumers within the United States and their outlook for the future. This quick snapshot looks at how consumers are emerging from coronavirus lockdown—including recent driving patterns, retail behavior and how they are interacting with the specialty-equipment industry.
All of these reports, and much more, are available for free download at www.sema.org/research.