Tag: consumer spending
Valentine’s Day is returning to its romantic traditions, with total spending for the holiday expected to reach a record $14.2B this year.
US Census Bureau data shows that core retail sales during the 2023 holiday season grew 3.8% over 2022 to a record $964.4 billion.
Consumers spent more than expected amid high inflation and interest rates during 2023, though spending is now expected to slow in 2024.
Retail sales kept up a long streak of year-over-year gains in October even though the rate of growth continued to slow, finds NRF.
Those celebrating the winter holidays expect to spend $875 on average on gifts, decorations, food, and other key seasonal items.
Shrink accounted for $112.1 billion in losses according to the 2023 National Retail Security Survey released today by NRF.
Spending is slowing as the economy settles down amid higher interest rates intended to reduce inflation, according to the NRF.
Consumers remain worried about high inflation and Federal Reserve interest rate hikes intended to bring inflation under control, but neither has stopped them from spending.
Consumer spending held up during June’s inflation surge, with retail sales rising slightly more than expected for the month amid rising prices, according to the Commerce Department.