Personal Savings During Pandemic Adds Fuel to Economy
Pent-up consumer and public spending continue to drive the U.S. economy.
The economy, however, could receive another boost when, and if, Congress passes President Biden’s $3.5 trillion spending package.
“NPI always keeps a tab on the U.S. economy, ” said Mitch Gould, founder, and CEO of Nutritional Products International, a global brand management firm based in Boca Raton, FL.
Gould said Deloitte reported earlier this year that consumer spending habits had changed because of COVID-19.
“Consumer spending suffered because of the pandemic,” Gould said. “However, consumer spending continues to drive the economy.”
Remote employment may affect certain businesses that benefited from people going to an office, such as restaurants and coffee shops.
One consumer trend that should help the economy is personal savings.
Gould said consumers saved an extra $1.6 trillion more during the pandemic, which is why personal consumer spending could increase by 3.9 percent in 2022, a total contrast to the 3.9 percent decrease in 2020.
“When you combine consumer spending with government spending, you have two potent driving forces keeping the economy and retailers stable,” Gould said.
All these projections are the positive signs that health and wellness brands want to see as they put in place plans to launch or expand the distribution of products in 2021 and beyond.
Gould and the NPI team bring new health and wellness products to the market.
“To make the transition to the American consumer market easy, I developed a one-stop, turnkey platform called the “Evolution of Distribution,” which emphasizes speed to market and affordability.”
“We import, distribute, and promote products to consumers and retailers,” he added. “Product manufacturers turn to us when they want expertise in sales, logistics, and marketing.”
For more information, visit Nutritional Products International online.
MORE ON NPI AND ITS FOUNDER
NPI is a privately-held company specializing in the retail distribution of nutraceuticals, dietary supplements, functional beverages, and skincare products. NPI offers a unique, proven approach for product manufacturers worldwide seeking to launch or expand their products’ distribution in the U.S. retail market.
Mitch Gould, founder and CEO of NPI, known as a global marketing guru, also has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, Roberto Clemente Jr., Chuck Liddell, and Wayne Gretzky.