Black Friday and Cyber Monday sales this year broke records—despite inflation. This doesn’t mean many Americans aren’t still struggling with high prices on everyday goods and Christmas gifts.
Liberal policymakers couldn’t help themselves: Ways and Means Committee Democrats, in a now-deleted post on X, cynically responded to the record-holiday shopping news report with, “And here we were thinking y’all couldn’t afford eggs!” Once again, they expose how out of touch they are with Americans’ hardship.
This holiday shopping season is off to a strong start, but that should not be confused with bountiful household balance sheets. Indeed, many consumers aren’t letting high prices hold them back from celebrating this year's holiday season. Spending hit records on Thanksgiving Day ($6.1 billion), Black Friday ($10.8 billion), and Cyber Monday ($13.3 billion), according to data from Adobe Analytics. Perhaps because prices are high. The National Retail Federation projects that consumers will shell out $25 per person more on average this year compared to last year on gifts, food, and decorations.
One weekend or one month of consumerism won’t erase how financially stretched households feel. Even more, not everyone is spending. Many working-class and low-income Americans will alter and even skip holiday gift-giving due to high prices. A U.S. News & World Report survey found nearly 70% of Americans are worried about paying for gifts this year, with roughly 20% being “very” worried
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