Dana Telsey, CEO and chief research officer at Telsey Advisory Group, who spoke at the Foundation for Accounting Education’s Broker-Dealer Conference Wednesday, predicted that 2021 will be a year of booming profits, as pent-up demand from the previous year is finally unleashed.
Telsey noted that all the spending on weddings, graduation and other gatherings that did not happen in 2020 will start happening in 2021, which in turn will have knock-on effects on other sectors. Cosmetics is one example; Telsey said that people will want to look good for all those events they’re now going to, which is also why she predicted an uptick in apparel beyond sweatpants and hoodies. Travel will similarly pick up because people will be going to more events, or, at the very least, taking more vacations. As more people get vaccinated, in reaction to a year of lockdowns and restrictions, they will begin spending to recapture the experiences they lost in the pandemic, herself included.
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