APRIL 2023
Will the Economic Bubble Burst?
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EEPING WITH THE RECENT HOLIDAY TREND, EASTER CONSUMER spending reached another all-time high despite another interest rate increase at the end of March. While it is no doubt that inflation, especially of eggs, is a driver of increased spending, it begs the question of whether this level of spending is sustainable and going to continue. To help us understand what the future may hold, RAN commissioned a legislative and consumer sentiment survey in March. RAN has traditionally conducted surveys during the legislative session; however, this year we asked new questions in an attempt to understand what is next in Nevada’s economy. Our survey respondents had some strong opinions, especially when it came to groceries. When asked about products that have increased in price, as expected, consumers are very conscious of the rising cost of eggs as well as meat and produce. More
By Bryan Wachter
Bryan Wachter than half of those surveyed expect their grocery bills to increase over three month’s time. Again, more than half of our respondents report that sales tax makes at least some impact on their buying decisions, and 65% of respondents would support a sales tax holiday on backto-school supplies. When asked about the retail experience, consumers responded positively, citing that in many cases the products they want are available, and they feel safe in retail stores. When asked about organized retail crime, however, consumers are concerned about shoplifting, with nearly half of respondents identifying it
as a major problem. We also asked about consumer interactions with the increasing role of pharmacists as health care providers. More than 77 percent of respondents have received a clinical service provided by a pharmacist, no doubt many interactions as a result of the COVID-19 vaccinations administered by a Nevada pharmacist. So, what does this all tell us about the economy? Consumers are leaning fully into the economy, despite rising costs. This is evident as consumers also set a record for consumer debt in February, along with Continued on page 3
INSIDE State of Nevada Minimum Wage........................2 Pharmacy Benefit Managers Harm Consumers................................3 2023 Consumer Sentiment Survey................6, 7 NRF Forecasts Retail Sales Growth..................8 Board of Pharmcy Update.......9 Update From the Capitol................................9