Tilman Fertitta, the CEO and Chairman of Landry, said in an interview that he expects Consumer spending to remain strong in 2021. Adding further, Fertitta said, tax refunds sent to the U.S citizens and payouts for the new child tax credits will help the U.S economy throughout 2021.
He is confident about the economic boost as his hospitality empire offers him insights into Consumer spending. He believes that the U.S economy is heading towards roaring twenties this year as the party rooms, conferences, business meetings, and more are going to start.
He says the U.S economy is witnessing remarkable recovery from the pandemic shutdowns as more people are getting vaccinated and Consumer spending is increasing day by day.
In mid-June CEO of Bank of America, Brian Moynihan, told the news agency that Consumer spending is 20% higher in 2021 than the same month last year.
He pointed that the economic stimulus is due to increased Consumer spending. The observed growth is based on the transaction volumes through debit, credit cards, and other payment networks.
Fertitta said, right now, his more expensive restaurants are experiencing enhanced growth.
Most importantly, he mentioned that high oil prices might impact Consumer spending as the oil level prices hit the highest level on Tuesday.
According to Fertitta, the prices of gasoline ma also impact how consumers spend their cash. However, it is too early to judge the future, but there will be no inflation or economic turndown any time soon, he added.