"We are a nation of spenders," said Stephanie Link, chief investment strategist at Hightower Advisors, emphasizing that consumer attitude towards spending remains resilient despite financial strains.
According to a Bank of America Institute survey, consumers plan to spend an average of $2,100 on top of monthly expenses this holiday season, reflecting a 7% increase from last year.
While 62% of respondents expect financial strain over holiday expenses, this has improved from 67% in 2023, indicating slightly better consumer confidence.
Retailers are experiencing a divide; successful companies like Abercrombie & Fitch and Dick's Sporting Goods are thriving, while others like Kohl's and Target are struggling against discount competitors.
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