WASHINGTON, D.C. (NBC) – From the shopping mall to shipping centers, the holiday season is upon us.
This Cyber Monday could be the biggest yet with online shoppers expected to spend more than $11 billion. That’s after Black Friday online sales topped a record-breaking $9 billion.
Even as tens of millions of Americans headed out to shop in-person, analysts are looking for clues about where the shaky economy is headed. They note that while spending is strong, credit card debt is going up very quickly.
POLITICO Chief Economic Correspondent and CNBC contributor Ben White said, “So the question is how long can that lower-end consumer hang on in the face of higher inflation.”
With consumer prices up 7.7%compared to last holiday season, and 1 in 3 households saying their finances are worse off than a year ago, retailers are breaking out deep discounts and promising to deliver on time.
This comes as airlines are struggling to get holiday travelers home on schedule while weekend flights are being disrupted by bad weather with more on the way this week.