Americans cut back sharply on retail spending last month as the holiday shopping season began with high prices and rising interest rates forcing families, particularly lower income households, to make harder decisions about what they buy.
forcing families, particularly lower income households, to make harder decisions about what they buy.
Consumer spending is still likely to grow at a solid pace in the final three months of the year, Hunter said, but he expects a sharp drop early next year. Shopping at a Walmart in New Jersey, Eric Cruz, said he planned to cut his holiday shopping budget by roughly 20% this year, to about $800. The 33-year-old Jersey City entrepreneur said rising costs for utilities and rent now take a bigger chunk of his income. He is trying to offset rising costs by seeking out credit cards with greater rewards, like 5% back on spending.Symptoms of economic stress are beginning to appear, retailers have noted.
Miquelon said, however, that inflation is subsiding even as the U.S. potentially heads into “something more typical of a recessionary environment in the short term.”
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