A more permanent shift from goods to services is "on the table," according to a new report from Moody's Analytics.
Private services spending growth has outpaced goods spending in every quarter since COVID restrictions began to ease in spring 2021 as "the long period of forced isolation gave consumers a new appreciation for social interactions. Consequently, spending in restaurants and pubs, indoor rock climbing, aquariums, live music performances, etc. may remain elevated well into the future," Moody's said.
This and e-commerce's decades-long growth has sent a clear message to current retail center owners, operators, and developers: a consistent level of activity within a given shopping center will likely need a greater proportion of these "social" tenants to attract enough foot traffic to support all tenants, it reported.
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