Macy’s CEO Jeff Gennette told CNBC on the morning of Nov. 26 that Black Friday shopper traffic was up compared to the same point last year, adding that he expects a great day in sales terms as the busy holiday shopping season gets underway. Gennette told the outlet that Macy’s saw “a big rush” in…
Americans Plan to Spend More on Black Friday and Cyber Monday 2021 Than Last Year: Survey
A new report from Boston Consulting Group (BCG) shows that Americans plan to spend more during this year’s Black Friday and Cyber Monday events than last year’s, suggesting retailers may be in for a windfall as the busy holiday shopping season kicks off. The report (pdf), released last week, shows that Black Friday and Cyber Monday…
Americans Plan to Spend More on Black Friday, Cyber Monday Than Last Year: Survey
Americans plan to spend more this year on Black Friday and Cyber Monday than last year, according to a new report from Boston Consulting Group (BCG), which indicates that retailers may be in for a windfall at the start of the busy holiday shopping season. The report (pdf), released last week, shows that Black Friday and…
Americans Splurge on Holiday Shopping, Retail Sales Beat Expectations
The fourth quarter started off with a healthy surge of retail sales, giving the economy a much-needed boost, as Americans eagerly started their holiday shopping early on to avoid empty retail shelves amidst supply chain bottlenecks and resulting shortages. The Commerce Department reported Tuesday that retail sales, a measure taken to calculate consumer spending at…
Consumer Spending Sees Modest Rise as Inflation Stays Stubbornly High
Consumer spending—a key driver of the U.S. economy—saw a modest bump in September, even as inflation remained stuck at a 30-year high for the fourth month in a row and labor costs in the third quarter rose at their highest level in 20 years. The Commerce Department said on Oct. 29 that that the Fed’s preferred…
Higher Gas Prices Cut Household Income by $120 Billion
Retail gasoline prices have risen by a dollar over the past 12 months as the economy began to reopen, increasing demand for fuel. Higher pump prices are now crimping consumer budgets and putting a brake on household spending on non-energy items, according to analysts. Prices at the pump as of Oct. 5 have soared to $3.20 per gallon…
Higher Gas Prices Cut Household Income by $120 Billion: Deutsche
Retail gasoline prices have risen by a dollar over the past 12 months as the economy began to reopen, increasing demand for fuel. Higher pump prices are now crimping consumer budgets and putting a brake on household spending on non-energy items, according to analysts. Prices at the pump as of Oct. 5 have soared to $3.20 per gallon…
Retail Sales Post Surprise Gain, Led by Sharp Rise in Online Shopping
Americans spent at a brisk pace in August, defying economists’ expectations for a contraction in U.S. retail sales, though much of the spending was online as the spread of the Delta variant may have kept people from heading out to shop in greater numbers. Retail and food services sales rose 0.7 percent in August after…
Consumer Confidence Falls to 6-Month Low on COVID-19 and Inflation Worries
U.S. consumer confidence fell in August to its lowest level in six months, driven by concerns about the spread of the Delta variant of the CCP (Chinese Communist Party) virus and surging prices. The Conference Board said in an Aug. 31 report that its consumer confidence index fell from a reading of 125.1 in July to…
Consumer Spending Growth Slows, Sentiment Takes a Plunge
New government data shows U.S. consumer spending in July grew by a lackluster 0.3 percent, a far slower pace than the 1.1 percent pace of growth in the prior month and a sign that the economic recovery may be losing steam in the third quarter as the Delta variant spreads. The Commerce Department said in…
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