Holiday Spending Growth Slows as Shoppers Seek Bargains Amid High Rates
• Holiday spending data provides clues into consumer mindset and overall economic health, though holiday purchases are a relatively small part of the economy
• Early Black Friday and Cyber Monday spending data shows consumers still spending, but at a slowing rate compared to recent years
• Slowdown in growth attributed to easing inflation and consumers' "inflation fatigue" leading them to hunt for bargains and cut back on nonessentials
• Experts say holiday sales alone don't necessarily predict the overall economy, though slowing growth aligns with forecasts of an economic cooldown
• Economists still predict resilience from consumers in 2023, though many will feel financially strained amid high interest rates