SALES rose this year during the holiday shopping season even as Americans wrestled with elevated prices for many groceries and other necessities, according to new data.
Michelle Meyer, chief economist at Mastercard Economics Institute, said the holiday shopping season “revealed a consumer who is willing and able to spend but driven by a search for value” as seen by concentrated online spending during the biggest promotional periods. Consumer spending accounts for nearly 70 percent of U.S. economic activity and economists carefully monitor how Americans use their money, particularly during the holidays, to gauge how they’re feeling financially.
Retailers felt more pressure this year due to the shorter holiday shopping period, and also from a presidential election that captured the attention of many consumers. Sales of general merchandise slid 9 percent in the two weeks ended November 9, according to Circana, a market research group. Sales have been rebounding but stores will have to make up for those losses.
CONSUMER SPENDING HOLIDAY SALES RETAIL INFLATION ECONOMY
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