Americans sharply cut their spending in December after a burst of early spending in the fall that helped bolster the holiday season.
Americans, beset by lack of product choices, rising prices and the arrival of omicron, sharply cut their spending in December after a burst of early buying in the fall boosted this year's holiday shopping season.
Omicron was identified by the World Health Organization in late November, and the December report from the Commerce Department is the first to capture some of its effect on consumer behavior. There is also the unique era we living through that has skewed a number of economic indicators. Many economists believe that the seasonal adjustment of retail sales has been thrown off by the pandemic, which has scrambled American spending patterns. Seasonal adjustment is intended to account for the normal spike in shopping in December for the holiday season.
Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards, reported late last month that holiday sales surged 8.5% from Nov. 1 through Dec. 24 from a year earlier. That was the fastest pace in 17 years. This week, Lululemon warned that fourth-quarter sales and profits will likely come in at the low end of its expectations as it grapples with the variant’s fallout.
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