The headlines will say that retail spending remained resilient in November as consumers stocked up for the holidays. But the underlying details suggest widening price-conscious shopping behavior as more households end 2024 on a cautious note.
The go-go days of goods consumption have seemingly passed as consumers have tightened their belts to a degree. Spending in various categories, including grocery stores and department stores, fell, indicating a more cautious approach by consumers.
Retail sales rose 0.7% in November, but much of that growth was driven by a surge in auto spending, due to dealer incentives aimed at clearing excess inventory.
Consumers are being more selective, as spending declines in many areas point to a shift towards price-sensitive shopping, raising concerns about the sustainability of consumer spending.
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