Prospects for any additional monetary stimulus prior to the November election declined significantly when a whittled-down Republican plan failed in the Senate on a partisan vote. The proposal amounted to a fraction of the $1 trillion plan Republicans had offered in negotiations with Democrats, who in turn are demanding more than twice as much. The failure to compromise would leave millions of jobless Americans in potentially dire straits, as they exhaust traditional jobless benefits and states run out of additional funds.
For powersports dealers, the last quarter of this year could be very different than the first three quarters. To recap, sales of powersports vehicles, led by ATVs and other recreational units, set records in Q2, with average major unit sales up 60.7 percent and overall revenue gaining by 51.2 percent. Much of this boom was spurred by stimulus funds, coupled with a desire to get outside safely.
Now, the country remains in the grips of the pandemic. According to the Department of Labor, more than 55 million workers have filed for benefits over the past six months. Businesses continue to lay off hundreds of thousands of workers as they grapple with fewer sales and depleted federal aid. Yet despite facing unprecedented economic challenges, over half of U.S. consumers report saving more, according to CIT’s new survey conducted by The Harris Poll. The survey also states that 60 percent of Gen Z and Millennial consumers reported an uptick in savings. When thinking about the future, another 76 percent of consumers are somewhat to very likely to save more than they usually do each month.
