SNAP - Can Consumer Tailwinds Keep Retail Stocks In The Pink In 2024? | Benzinga
Consumers can expect a net $68 billion tailwind in 2024 from perks such as changes in social security and lower gas prices — a boost to discretionary spending for many that could provide some support for retail stocks.
Bank of America‘s $68 billion tailwind estimate includes a $76 billion boost from social security payments and $37 billion from lower gasoline prices. Offsetting these will be headwinds from reductions in the Supplemental Nutrition Assistance Program (SNAP) worth $23 billion and $22 billion from the resumption of student loan payments.
Much depends on how the economy shapes up in 2024. Growth is already showing signs of slowing, with the labor market starting to slacken and industrial surveys pointing to lower manufacturing growth.
To the consumer, it will be jobs that matter most. Those who lose their jobs over the next year will ...