Shoppers spending money to 'get revenge' against COVID

NEW YORK - Consumers are ready to get back out there and spend some cash. And what used to be referred to as "retail therapy" is now being called "revenge shopping" as people look to make up for lost time during the pandemic. 

Trae Bodge, a smart shopping expert at TrueTrae.com, called this trend "fascinating."

"It's really a phenomenon that we're seeing now where consumers are spending more taking revenge against COVID," Bodge said. "They're spending more on those things that they didn't get to spend on before as well."

Bodge said the trend will help businesses of all sizes but small businesses — especially ones that didn't have a sizable online presence — will see a huge boost.

"I drove my daughter to the mall the other day and it was like Christmas — the parking lot was packed," she said. "And so I really had a sense that people really were dying to get out and to see other people and to buy things."

The National Retail Federation is predicting an increase in consumer spending of at least 6.5% in 2021 over last year.