TOP EARNERS SPENDING MORE WHILE LOWER INCOMES MORE SELECTIVE<\/p>\n
Shopping trends point to still strong consumer spending, with a 5% year on year increase in purchases of holiday items, and a recent cool off around Black Friday and Cyber Monday likely due to early and online spending, rather than shoppers pulling back, according to the Bank of America Institute.<\/p>\n
Holiday spending nonetheless shows signs of a \u201cK-shaped\u201d trend, as does total card spending, Liz Everett Krisberg. head of Bank of America Institute and David Michael Tinsley senior economist at the firm said in a report.<\/p>\n
\u201cSpending growth for holiday items has been stronger among higher-income households, while lower-income households are seeing more modest gains. Slower wage growth and cost-of-living pressures are part of the story, but overall, shoppers across the board are still finding ways to spend.\u201d<\/p>\n
The analysts point out in a separate report that higher income households are also behind growth in discretionary spending.<\/p>\n
Entertainment is seeing the most growth, with all income groups above $100K increasing their spending in the category and the largest increase coming from the $125K-$150K bracket. Top earners are also spending more on clothing, airlines and hotels. <\/p>\n
Lower income groups, meanwhile, saw stronger pullbacks in travel and clothing, \u201cunderscoring the growing gap in income groups\u2019 economic experiences.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"TOP EARNERS SPENDING MORE WHILE LOWER INCOMES MORE SELECTIVE Shopping trends point to still strong consumer spending, with…\n","protected":false},"author":2,"featured_media":260033,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":{"0":"post-345876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/345876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=345876"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/345876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/260033"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=345876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=345876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=345876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}