Christmas Trump Bump: On the tail of President Donald Trump first two years in office, Christmas spending soared to its highest rate in a decade.
The Wall Street Journal reported that the 2018 holiday season was the most profitable for the retail sector for quite a while.
“Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in-store spending with all forms of payment,” the Journal said Wednesday. “Overall, U.S. consumers spent over $850 billion this holiday season, according to Mastercard.”
Brick and mortar locations were not alone. More shoppers than ever turned to the Internet. Online spending jumped an additional 25 percent.
Amazon and others also found new shipping capabilities added to sales because shipping was faster and more efficient this year so online sellers were able to continue reaping holiday sales for a longer period of time up to Christmas.
“Strong apparel spending signifies that consumers have confidence in the economy and are prepared to spend money on more frivolous purchases. In times of uncertainty, these are usually items that consumers first cut back on,” Business Insider wrote.
The Journal adds that the Trump administration’s favorite economic indicator, the U.S. Consumer Confidence Index, rose by one percent, a sign that “consumers are shrugging off renewed volatility in financial markets as this year’s optimistic sentiment continued in the final weeks of the holiday season.”
According to CNBC, Christmas spending is at its best in six years for the retail sector.
Sales in the U.S. from Nov. 1 through Christmas Eve were up 5.1 percent to more than $850 billion, according to Mastercard SpendingPulse, which monitors spending both in stores and online via all forms of payment. Mastercard also said online sales during that time frame were up 19.1 percent from a year ago, in line with earlier reports that showed robust growth in e-commerce this holiday season.
‘The surge in spending comes amid the latest fluctuations in the stock market, worries on Wall Street about a potentially slowing economy and a partial government shutdown,” CNBC noted.
So, even with these weighty worries, America splurged on Christmas in this great Trump economy.
Thanks, President Trump.
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