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Holiday Spending Hangover




Holiday spending in the 2023 Holiday Season rose over 3% year over year marking a return to pre-pandemic spending trends. Despite record inflation, and high interest rates, consumer spending have been remarkably resilient this year in part because of the resilience in the labor market. Prices as a while were up 2.6% over November 2022 and inflation seems to becoming down. Consumers are spending on practical items like gift cards, food, clothing and shoes and less on electronics this holiday season. Online purchases were up more than 6% over 2022. Buy Now Pay Later saw another surge this holiday season, as consumers try to balance their budgets. 

Holiday spending was up substantially, which begs the question…How painful will the holiday spending hangover be? With record high consumer debt, students having to start repaying their college loans, and interest rates still high, will consumer spending slow down in 2024?

In 2024, We will continue to monitor industry news, bring you the latest information to help you make the right decisions for your business, and help grow your business. 

We wish everyone a happy 2024!

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