Posted 11/29/2023, 9:56:00 AM
Holiday Spending Soars Despite Economic Worries
- Record holiday spending threatens uncertain economy, with over 75% of Americans concerned about the state of the economy
- Despite concerns, holiday weekend spending exceeded expectations, with over 18 million shoppers spending money over Thanksgiving weekend
- Black Friday remained the most popular in-person shopping day, while online shopping also saw record levels
- Holiday spending is forecasted to grow 3-4% this year to over $950 billion, but growth is slower when accounting for inflation
- Consumers should be cautious of 'Buy Now, Pay Later' programs with high interest rates that could lead to credit card debt