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Holiday spending is up compared to last year, but it might not be a good sign
Published: Thursday, December 1, 2022 - 3:27pm
Updated: Friday, December 2, 2022 - 9:04am
Early data shows retail sales for the holiday season are showing year-over-year growth.
Danny Court is the senior economist with Scottsdale based economic consulting firm Elliott D. Pollack & Company. He says the trend is not necessarily a good sign.
"Inflation is not really taken into account here. So, while we had higher than last year in terms of dollar amounts, there’s probably less purchasing power, so people are purchasing less goods for more money," Court said.
Court says consumers are not behaving as if a recession is on the horizon. Instead, he says people are dipping into their savings and buying with credit.