Buying (At) Discount Stores?
Spending at discount stores increased by 65% in the week ending November 7 compared to the same period last year, according credit and debit card transaction data from Facteus which was first reported by Bloomberg.
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Consumer Spending Eases
In October, Americans curtailed their spending, and inflation subsided as the economy shifted gears from a vigorous third quarter, according to analysts.
Households Are Not Cooling Down
By now, consumers were expected to reduce their spending for several reasons. Interest rates have risen, inflation remains high, pandemic-related savings have dwindled, and the labor market is showing signs of cooling.
Travel Is Still Up Despite Recession Fears
Persistent inflation and higher interest rates have put a strain on many households, causing consumers to be cautious about certain expenses like home improvement projects and apparel.
U.S. Retail Sales Smash Estimates
Retail sales increased more than expected in January, despite rising inflation. According to the Commerce Department, sales for the month rose by 3%, exceeding the expected rise of 1.9%.