Posted 11/24/2023, 1:33:00 PM
Shoppers Scale Back Thanksgiving Plans to Save for Other Holidays Amid Economic Squeeze
- Some shoppers like Qualyn Morgan are skipping Thanksgiving celebrations this year to save money for other holidays like Christmas.
- Shoppers are getting squeezed by factors like rising rents, high inflation, the end of pandemic aid programs, and shifting spending habits.
- Holiday retail sales are expected to rise 3-4% this year, but spending has shifted away from physical goods.
- More people are using buy now, pay later loans to purchase items, but these loans come with risks like looser borrowing standards.
- While economies have been challenging, some like Morgan see people coming together more to support each other.