Changing consumer behavior

Sources: Bloomberg and Wells Fargo Investment Institute. Retail sales: monthly data from January 1, 2005 to August 31, 2021. E-commerce sales: quarterly data from January 1, 2005 to June 30, 2021.

Key Takeaways

  • Consumer spending, returning to its pre-pandemic trend, appears poised for a partial shift from online sales to brick-and-mortar and other close-contact sales as the economy reopens.
  • We expect e-commerce’s share of online shopping to continue growing, albeit at a slower pace than during the pandemic.