This holiday season officials predict you will be able to check everything off your list. Researchers with the National Retail Federation said Americans will spend at unprecedented levels this year.
Researchers said, on average, they expect to see people spend $1,047 during the holiday season, a 4% increase from last year’s spending of $1,007 per person.
They said Americans have more disposable income so they are spending more on gifts, decorations, and parties over the holiday season.
Ball State University Economics Professor, Steve Horwitz, said it’s that more people spending during the holidays is a good sign.
“Sometimes people say ‘this is just a waste of capitalism’. But in fact it is actually an incredible sign of progress that we have all of this money to spend on these holidays.
“The long term underlying trends are still positive.” Horwitz said. He said the 2010s looks to be the only decade in U.S. history without a recession.
But holiday spending could still be impacted by tariffs and the impeachment proceedings.
Horwitz said tariffs could raise retail prices and customers may be spending more for fewer goods.
He said the impeachment proceedings could also impact the amount of spending during the holidays, “if households become increasingly concerned about political instability, it may reduce their willingness to spend and cause retail sales to fall short.”