Only a recession could stop the new consumer boom. In the meantime, there are greater market forces at play.
The next boom is in pre-pandemic activity, America’s latest social luxury. Live Nation reports that concert ticket sales were up 45% YoY in February 2022 with 30% more concerts than were planned for 2019. The Wall Street Journal reports pre-pandemic travel returning to 2019 figures with over 2 million people traveling by plane between April 17 and 23. Gyms like Planet Fitness are resurgent. New memberships at the fitness franchise reportedly surpassed pre-pandemic levels in January. It all comes down to nostalgia. In the “Roaring Twenties,” we explained what “luxury” looked like in the first few years of this pivotal decade.
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