{"id":120736,"date":"2021-09-01T12:30:31","date_gmt":"2021-09-01T12:30:31","guid":{"rendered":"https:\/\/fin2me.com\/?p=120736"},"modified":"2021-09-01T12:30:31","modified_gmt":"2021-09-01T12:30:31","slug":"economist-consumers-are-recoiling-from-higher-prices","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/economist-consumers-are-recoiling-from-higher-prices\/","title":{"rendered":"Economist: Consumers are recoiling from higher prices"},"content":{"rendered":"<p><cite>New York (CNN Business)<\/cite>America&#8217;s red hot housing market may be finally cooling off. But don&#8217;t tell that to Williams-Sonoma.<\/p>\n<p>The news from <span>Home Depot<\/span> <span>(<span>HD<\/span>)<\/span> last week that fewer customers shopped at the retailer in the second quarter than a year ago was viewed as a sign that sales may be peaking.<br \/>\nBut <span>Williams-Sonoma<\/span> <span>(<span>WSM<\/span>)<\/span> remains <em>extremely<\/em> bullish on housing. CEO Laura Alber told analysts during an earnings conference call Wednesday evening that &#8220;supply of houses is still too low.&#8221; <\/p>\n<ul><\/ul>\n<p>Builders have been unable to construct new homes quickly enough to meet demand. A surge in lumber prices earlier this year didn&#8217;t help.<\/p>\n<ul><\/ul>\n<p>But Alber wasn&#8217;t just talking about renters looking to flee the cities for the suburbs as a positive for Williams-Sonoma, which also owns furniture retailers West Elm and Pottery Barn. She added during the call that &#8220;there&#8217;s a lot of people who are out looking for second homes and even if they can&#8217;t afford it themselves, pulling the resources together with friends to complete that fantasy of buying a get away home.&#8221; <\/p>\n<p><noscript><img decoding=\"async\" alt=\"Climate change be damned. More Americans are moving to high-risk areas\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210824131611-miami-florida-0224-large-169.jpg\"><\/noscript><br \/>\nAlber cited estimates that show &#8220;home sales in 2021 are expected to grow more than 20%, the most sales recorded since 2005.&#8221; Of course, that was just before the last housing bubble burst. But Alber doesn&#8217;t seem concerned about the housing market succumbing to a similar fate anytime soon.<br \/>\n&#8220;The acceptance of remote work is gaining traction with a number of remote hybrid workers expected to nearly double in five years from pre-Covid metrics,&#8221; she said during the call. &#8220;This is a really, really important trend that I don&#8217;t think is going to be transient. I think it&#8217;s one that will continue to last for a long time.&#8221;<\/p>\n<ul><\/ul>\n<p>Investors seem to be buying into Alber&#8217;s optimism too. Shares of Williams-Sonoma surged 10% Thursday to a new record high. Ten Wall Street analysts raised their price target on the stock following the earnings report.<br \/>\nWilliams-Sonoma said that sales grew more than 30% in the second quarter. The company also boosted its outlook for 2021 as well as the next few years. In yet more signs of confidence, Williams-Sonoma raised its dividend by 20% and issued a new stock buyback program as well.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/08\/26\/investing\/williams-sonoma-housing-market-earnings\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (CNN Business)America&#8217;s red hot housing market may be finally cooling off. But don&#8217;t tell that to Williams-Sonoma. The news from Home Depot (HD) [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":120735,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economist: Consumers are recoiling from higher prices - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/economist-consumers-are-recoiling-from-higher-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economist: Consumers are recoiling from higher prices - Fin2me\" \/>\n<meta property=\"og:description\" content=\"New York (CNN Business)America&#8217;s red hot housing market may be finally cooling off. 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