(NewsNation) — Crowds are returning to movie theaters and the demand could be here to stay.
This comes as the U.S. consumer sentiment ticked up in August from its lowest mark since 1952. While the survey’s barometer of current economic conditions fell unexpectedly to 55.5 from 58.1, its gauge of consumer expectations shot up to 54.9 from 47.3, with the 16.1% increase from July standing as the largest percentage jump since 2009.
NewsNation business contributor Lydia Moynihan said part of this has to do with pent-up demand and more people leaving their homes, excited to return to theaters following the pandemic.
“What we saw in the state of earnings reports from Warner, from Paramount, from a lot of these companies that are in the movie business, is they want to lean in to movie theaters,” Moynihan said. “They’re saying people are eager to return, and they’re emphasizing these blockbuster releases and these blockbuster hits like ‘Top Gun’ and ‘Minions.'”
While many consumers were afraid the economy was entering a recession, Moynihan said people are saving more but they’re also saving money for little luxuries like going to the movies or going on vacation.