Consumer Spending Momentum Fades Amid Holiday Shopping Season
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Holiday sales in November and December will rise 3.3% from the prior year, making it weaker than 2023 and longer-term averages, according to economists at financial-services firm Wells Fargo.
“Consumers' purchasing power has once again become dependent on income growth, as unique pandemic-era spending sources have faded,” the report said. “Despite consumer momentum helping sustain the economic expansion this year, through September the retailers included in our holiday sales metric have seen the slowest year-to-date sales growth in seven years.”
