Right now, consumer spending is up. While some economists give credit to low gas prices, low interest-credit and higher wages Forbes.com says president’s day promotions is what helped February auto sales reach a 15-year high for the month.
In fact, spending on promotions averaged an estimated $2,975 dollars per vehicle in February, up 11% from a year ago. Stacey Doyle, True-Car’s Senior Industry Analyst says, “We see some brands sweetening the deal during the year’s first big promotional push.”
Despite gloom and doom talk regarding the economy (mostly from presidential candidates), Forbes says auto sales indicate the economy was regaining momentum in the month of February.
And while auto sales continue to show that the consumer remains the bright spot in the economy, Bullard says “They are confident enough in their own personal economic situation and the outlook…to be able to purchase a car.”