As the weather gets colder in the U.S., the holiday season draws closer. It’s usually the most profitable time of year for retailers. But there’s a catch.
A new report shows American consumers are keeping a tighter grip on their wallets this year.
Economist Chris Christopher on US holiday retail expectationFor more on holiday retail sales, CCTV spoke with Chris Christopher Director of US and Global Consumer Economics at IHS Economics.
- Consumer spending accounts for about two thirds of the U.S. economy.
- Slow job growth and stagnant salaries are causing more Americans to save more.
- Household income has fallen nearly 9 percent since 2007.
According to the National Retailers Federation, U.S. shoppers will spend an average of $804 on gifts this season, which is 5 percent higher than last year. The International Council of Shopping Centers has also projected that U.S. sales during the holiday shopping season will increase …