Pandemic Boosts Durable Goods Spending, Income Gains Drive Consumer Purchases.
During the COVID-19 pandemic, people bought more durable goods like electronics and furniture. This happened because the pandemic made people prefer buying things that last longer instead of services like going out to eat. Also, the government gave money to people, which made them spend more on durable goods. The increase in income in 2020 caused about half of the rise in durable goods spending. So, the pandemic and the extra money from the government both played a big role in why people bought more durable goods.