Shoppers are expected to cut back on gift giving this holiday season amid high inflation
Heading into the all-important holiday shopping season, American consumers still aren’t feeling very confident about the state of the US economy. The University of Michigan’s consumer sentiment index landed at 56.8 in November, up from the preliminary reading of 54.7 measured earlier this month but lower than the 59.9 recorded in October. Economists were expecting a reading of 55, according to consensus estimates on Refinitiv.
” Consumers surveyed also highlighted the effects of rising interest rates on their desire to buy homes, cars and other big-ticket items. The Federal Reserve, in efforts to combat decades-high inflation, has enacted a series of steep interest rate hikes. About 83% of respondents to the University of Michigan’s Surveys of Consumers said that it was a bad time to buy a home. That’s the highest share ever recorded, according to the university.
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