Amid lingering inflation, the National Retail Federation believes Americans will likely spend more from their savings to buy holiday gifts. Jill Gonzalez, an analyst at personal finance website WalletHub, said, "Consumers are pretty much spending more and buying less."
Despite the inflationary pressures, retail sales in the U.S. have remained stable. Shoppers are showing continued resilience, with U.S. retail sales rising 1.3% in October, the biggest monthly gain since February and better than expected. Also, data from Bank of America shows consumers have been resilient in 2022 and are poised to start 2023 similarly. Moreover, holiday shopping is picking up.
