Disposable income is a primary driver of the industry, as individuals require excess capital to spend on non-essential products and services, such as clothing, electronics and leisure travelling. Over the past five (5) years, disposable income in the U.S. has consistently increased as individuals are earning in excess of their expenses on an annual basis4. As seen in Exhibit 4, U.S. disposable income increased from USD $14.5 trillion in 2017 to nearly USD $19 trillion in early 2021, representing a 31% increase. Disposable income in the U.S. decreased in March 2020 because of COVID-19 yet it spiked to over USD $19 trillion afterwards, which shall be attributed to the government emergency benefits and subsidiaries. Although it somehow fluctuated down from $18 trillion to $17.5 trillion from April to December in 2020, disposable income in the U.S. still reached its historic height with over USD $19 trillion by the early point of 2021.

Exhibit 5 shows how Canadian disposable income has also grown over the past five (5) years, beginning as low as CAD $1.11 trillion in 2016 and exceeding CAD $1.4 trillion in early 2020, representing a 26.13% increase.