American shoppers held tight to their wallets for back-to-school shopping in August, and some observers are concerned this might mean an equally slack holiday season.
Data from MasterCard Advisors, which look at various spending habits from credit cards, checks and cash payments, said spending in nearly every category was far short of the levels set in 2008.
“Expectations about future business and labor-market conditions have brightened somewhat, but overall, consumers remain apprehensive about the future,” Lynn Franco, director of the group’s Consumer Research Center, told The Wall Street Journal. “All in all, consumers are about as confident today as they were a year ago.” Which might mean the looming holiday season could be off as well.
A look at all the numbers, including some updates from the Gallup organization, can be found HERE.