Spending profiles will continue to evolve across US metros

US consumer fundamentals remain strong despite some near-term headwinds, and we expect private consumption to be a key driver of growth over the remainder of the decade. Underlying this will be a transition in the mix of spending from consumer durables and essential goods towards discretionary items and in-person services. And the outlook for spending will vary between metros, both in the pace of growth, and what consumers spend their money on.

What you will learn:

• Hospitality will benefit from pent-up demand, and as people spend less of their household budget on food at home, and more on dining out.
• The outlook for aggregate consumer spending varies significantly between metros, reflecting the strength of their labor markets and population growth.
• The profile of spending will also vary by locale.