The recent pace of consumer spending at retail should ease in May but remain elevated, according to the latest Retail Forward ShopperScape Survey. The proportion of consumers who plan to spend more this month ticked slightly lower, while the proportion saying they will spend less held nearly steady.
"With the exception of the lowest-income households, rising optimism about jobs and incomes is keeping consumers in a spending mood," said Steve Spiwak, an economist with Retail Forward, in a statement. "The slight drop in momentum is likely the result of tax refunds that have largely been spent."