The latest spending patterns may be another step in the shift from goods to services, like hotels and restaurants that have reopened since lockdowns
Apple just offered a new reason to be worried about the state of the consumer.
“The story has been that we’ve seen absolutely extraordinary levels of consumer demand for goods,” UBS Group chief economist Paul Donovan wrote in a note to clients. “What we’re starting to see is the extraordinary demand levels are coming down.” Across the Atlantic, a euro-area sentiment gauge has slipped from highs in recent months, while Britons are more worried about their personal finances.
Still, one key support for households remains positive. The US labour market looks strong, and employment growth is projected to exceed 500,000 for a second month in November. The jobless rates in the euro region and the UK are moving back down towards pre-pandemic levels. The other factor is whether the new handset is worth it, given the scale of the upgrade is considered modest.
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