- As vaccine rollout continues nationwide, pent-up demand is expected to burst, fueled by massive reserves of excess savings
- Economists expect record consumer spending over the next two quarters, at levels not seen in the past 70 years
- SHRG seizes lucrative market opportunities, leverages business model to enter the travel sector
Sharing Services Global (OTCQB: SHRG), a publicly traded company specializing in direct selling and other sectors, has once again demonstrated its ability to make quick moves as market forces shift. The company has announced plans to penetrate the travel sector as consumers should be eager to travel again soon. Travel appears on the verge of a boom, and SHRG looks poised to take its share of this growth opportunity.
As more and more people get the COVID-19 vaccine, businesses are trying to determine what consumer spending will look like in the future — and the outlook seems promising. The economy appears on the cusp of a major boom cycle that economists believe could last (https://ibn.fm/xpMVK).
Since the beginning of the pandemic, Americans have accumulated massive reserves of excess savings, estimated by Bloomberg Economics at a staggering $1.7 trillion in January this year. Although Americans’ worries about health and safety will likely linger, there’s pent-up demand due to this enormous amount of resources.
Consumer spending over the next two quarters is expected to be the strongest in the last 70 years, and leisure expenditures may lead the way. As the economy reopens, consumers are likely to binge on so-called “revenge spending” on the things they were denied over the last year, such as travel, entertainment, and dining (https://ibn.fm/wMGt3).
The travel sentiment is clearly on the upswing — recent numbers released by the U.S. Travel Association show that in January 2020, 63% of Americans had plans to travel over the next six months, up from 57% in mid-December. After a year of lockdowns due to the pandemic, consumer sentiment is picking up as the rollout of the COVID-19 vaccine gathers steam across the country (https://ibn.fm/VPqUO). Air travel is surging, and hotel bookings appear to be on the path of recovery (https://ibn.fm/KrvnM).
Quick to recognize market shifts as they start to emerge, SHRG is entering into the travel industry to capitalize on this swelling opportunity that is likely to endow the previously decimated travel sector. The company plans to leverage its proven business model to provide superior travel products and experiences through broad access to savings and exclusive benefits. The travel company, one of SHRG’s subsidiaries, is intended to be an exclusive travel club offering a “Passport to Happiness” to brand partners and customers.
Confident that now is the most opportune time to make this strategic move, as the next months will likely see people rushing to start traveling again, Sharing Services Global appears poised to capitalize on the major shift in consumer spending.
NOTE TO INVESTORS: The latest news and updates relating to SHRG are available in the company’s newsroom at http://ibn.fm/SHRG