LANSING, Mich. — A recent study by LendingTree has revealed that while some industries are hurting during the pandemic, others are flourishing.
With the economy in a weakened state it seems that many consumers are cutting back on discretionary spending, though in some states that spending has returned more than others. The recovery is, however, lopsided.
Officials from LendingTree say that in the grocery business things have perhaps never looked better. Spending at grocery stores nationally was up 10.4% at the end of July compared to January. Conversely arts, entertainment, and recreation businesses are suffering, as spending in that category at the end of July was down 51.5% nationally compared to January.
Michigan saw the second largest uptick in consumer spending overall, at 4.1% higher on average relative to the beginning of the year.
The results of the study can be viewed HERE.
Want to see more local news ? Visit the FOX47News Website.
Stay in touch with us anytime, anywhere.
Download our free app for Appleand Android
and
Sign up for newsletters emailed to your inbox.
Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.
