A record number of consumers took advantage of last week’s holiday shopping period despite soaring inflation and recession fears.
More than 196 million shoppers flooded stores and online shops during the five-day period from Thanksgiving Day through Cyber Monday, the National Retail Federation revealed on Tuesday. That is nearly 17 million more than last year and the highest figure since the group began tracking the data five years ago.
Some 122.7 million people shopped at brick-and-mortar stores over the weekend, a sizable 17% increase from last year. Despite the surge of in-person shopping, online shopping didn’t decline and still ticked up by a more modest 2%. Last year, retailers were struggling to keep products on shelves because of historic supply chain disruptions that were sending ripples throughout the world economy, plus high demand. Now, though, the dynamic has switched, and a glut of inventory is causing retailers to work overtime in order to offload their products — fueling great discounts for consumers.
Average real earnings, or how much people are able to take to the bank when inflation is included in the equation, have been declining since early last year. Median weekly real earnings have fallen nearly 4% since the end of 2020.
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