Tilman Fertitta expects consumer spending to stay strong even as Covid stimulus boost fades

Tilman Fertitta expects consumer spending to stay strong even as Covid stimulus boost fades

Landry's Chairman and CEO Tilman Fertitta told CNBC on Tuesday he expects consumer spending to remain strong throughout the rest of 2021, even as the provided by Covid stimulus earlier this year fades. In an interview on the billionaire restaurateur and casino operator said and payouts starting for the will offer tailwinds. "You're going to continue to see money pile into the economy, probably, the rest of the year," said Fertitta, whose sprawling hospitality empire offers him strong insights into how Americans are spending their cash. "Then I think what's going to happen is we're going to lose some of this consumer, but we're going to start getting back the business consumer and the conferences, and the big party rooms in New York and LA and all your big cities," Fertitta added, noting the U.S. economy is "truly headed" for another Roaring Twenties "for a while." As the U.S. economy recovers from pandemic-induced shutdowns and more Americans get vaccinated, consumers are bouncing back in a big way. In mid-June, that consumer spending was 20% higher at that point this year than it was compared with 2019. Moynihan noted the stimulus money was one factor in the spending figures, which are