‘Holiday spending will be largely driven by upper-income consumers. It usually is,’ says one expert.
Consumer spending is the gift that keeps on giving for the economy, underscored by the latest numbers on America’s gross domestic product.
There’s inflation’s cumulative wear and tear. There’s student loan bills that resumed in October. There’s credit-card balances that now top $1 trillion, and growing costs for interest and late payments. Could all of that put a chill on holiday shopping?“I don’t necessarily believe the holidays will be the time consumers will pull back,” said Mike Graziano, consumer products senior analyst at the tax and consulting firm RSM US.
Just over half of polled Americans, 51%, said they would spend at least $500 on holiday shopping, according to the survey from the consumer credit reporting company. That’s up from 46% one year earlier. Last year, Americans collectively spent $936.3 billion on holiday shopping, according to the National Retail Federation. That fell short of the organization’s forecasted sales range, which ranged from $942 billion and $960 billion.
The money pinch is tight enough that 63% of consumers say they’ll go easy on decorative lights to save on their electric bill. More than half said they’ll be making less fancy holiday meals to curb costs.
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'Can't take recession for granted' after GDP data: Traders see rate cuts anywayVivien Lou Chen is a Markets Reporter for MarketWatch. You can follow her on Twitter vivienlouchen.
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