The figures suggest that Americans are increasingly wary of high costs and sluggish job gains, with perceptions of the labor market worsening, the survey found. Declining confidence could pose political problems for Trump and Republicans in Congress, as the dimmer views of the economy were seen among all political affiliations and were particularly sharp among independents, the Conference Board said.
If everything feels expensive this year, you're not alone. The high cost of living is on many Americans' minds heading into the tail end of the year - a period defined by ceaseless shopping, whether it's for the Thanksgiving menu or a last minute gift for under the tree. Americans need to buy stuff (perhaps stuff), but they're also feeling the pinch of persistent inflation, chaotic tariffs and a frozen job market in 2025.
On one end of the spectrum are glittering ads featuring the likes of Mariah Carey encouraging shoppers to splurge on beauty and influencers unboxing beauty advent calendars worth thousands of dollars. On the other are brands urging consumers to slow down, buy less or opt out of the frenzy entirely. To large audiences, some of the more ostentatious ads have come across as tone deaf in a season where news has centred around people missing paychecks and food assistance benefits.
The narrative surrounding the "resilient U.S. consumer," which has been a major upside surprise in 2025, is now facing significant headwinds, according to the Global Investment Committee (GIC) at Morgan Stanley Wealth Management. While consumer spending has maintained a steady nominal growth rate of 5% to 6%, underpinning a bullish outlook for US equities in 2026, the GIC is expressing caution. Lisa Shalett, chief investment officer and head of the GIC, warned that although the broader macroeconomic picture remains cautiously optimistic, the "K-shaped" economy demands greater scrutiny.
UK economic growth slowed sharply in the third quarter, rising just 0.1% between July and September, as a steep fall in car production and subdued consumer spending weighed on activity ahead of the Chancellor's Budget later this month. The figure, published by the Office for National Statistics, came in below analysts' expectations of 0.2% and marks a clear slowdown from the 0.3% growth recorded between April and June and the 0.7% expansion at the start of the year.
Research firm Ampere Analysis tracked data from January 2024 to September 2025, looking at 42 re-releases (specifically, 15 remakes and 27 remasters). These releases accumulated 72.4 million players across Xbox, PlayStation, and Steam, with consumers spending $1.4 billion from purchasing these games and related in-game monetisation. Overall, the average remake produced 2.2 times the amount of consumer spending as remasters did during that time frame.
New insights from global data and technology company, Experian, and Reward, global leader in customer engagement and commerce media, show that Black Friday has transformed from a single day into a season-long shopping event, with Brits now favouring experiences, wellbeing, and value-led purchases over traditional retail spending. By analysing year-to-date spending patterns alongside 'Golden Quarter' data from 2024, the research offers valuable insight into how people are likely to approach this year's peak festive shopping season.
For high-income consumers ("the haves"): Strong spending power: Wealthy consumers are buoyed by high asset prices in stocks and real estate. The market melt-up, fueled by investments in areas like artificial intelligence, has increased their net worth. Insulation from interest rates: These individuals are less affected by higher interest rates, allowing them to continue spending on both luxury items and daily goods. Confidence in the economy: Their financial confidence remains strong, leading to continued investment and consumption.
Chinese Communist Party leadership is meeting behind closed doors to draft a five-year plan. China's top leaders are meeting for an important conference that will give a glimpse into the priorities of the world's second-largest economy. The Fourth Plenum of the Communist Party will outline a series of policies for the next five years. Beijing has been making efforts to increase consumer spending and attract foreign investors to drive growth
My take is that revenue will be flat to slightly up in comparison to 2024 - low single-digit growth at max. 2024 was up 4% from projections, which surprised everyone in the beauty industry and across CPG in general. However, with rising costs of living and tariffs - which will start to trickle down to the consumer right in time for the holiday season - consumers have less disposable income to spend, and so they are making extremely conscious decisions about where to spend that.
China's economy is stuck in the doldrums. Youth unemployment is at a two-year high. Housing prices have been falling for more than four years, and many believe they're yet to hit bottom. And Chinese consumers, like 32-year-old Lu Yingcai and 36-year-old Liu Lu, who NPR recently met on the streets of Beijing, are tightening their belts. LU YINGCAI: (Through interpreter) I'm actually traveling less and eating out less often.
Helen Dickinson, the chief executive of the BRC, said the looming budget had affected spending alongside milder weather, while growth in the value of food sales was mostly down to rising grocery prices. Rising inflation and a potentially taxing budget are weighing on the minds of many households planning their Christmas spending, she said. The BRC said UK total retail sales increased by 2.3% year on year in September, compared with a growth rate of 3.1% the previous month.
To do so, Modern Retail+ Research surveyed 68 brand and retailer professionals about their past and current use of sales channels during the holidays, their past and current holiday marketing tactics, as well as how their current holiday season discounts and holiday revenue expectations compare to last year's. We also interviewed executives at the Fwrd Group and NEOM Wellbeing to learn about their plans and expectations for the upcoming holiday sales season.
For you to have money, you have to learn to live below your means but within your needs. How do you do that? You do that by simply purchasing needs versus wants. What is a need? Need is food that you buy at a grocery store. What is a want? A want is going out to eat at a restaurant and doing it over and over again.
Since the end of the pandemic, consumers have proved to be the backbone for the American economy-much to the surprise of some of Wall Street's biggest names. This underlying strength has pushed the U.S. stock market to record highs this year, with analysts pricing in continued growth of the S&P 500. But the ever-reliable consumer is beginning to look shaky, courtesy of an unpleasant mix of a stagnating jobs market and sticky inflation.
Meanwhile, third-quarter growth is shaping up to be hotter. Durable goods orders for August jumped more than expected, according to data released on Thursday. And the personal income and spending report on Friday showed consumption remained healthy in August while also topping forecasts. Given that consumer spending represents over two-thirds of the U.S. economy, the gains more than offset weakness in housing, which remains buffeted by high home prices and mortgage rates.
Ready, a former president of Google's Payment and Commerce group, is against any Google ad tech divestiture. Also, at Pinterest, Ready built more bridges to Google. He signed strategic deals to increase Google's targeting into Pinterest supply. Oh, and Google's search rankings update last year suddenly defaulted more recipe search traffic to Pinterest . Ready argues that a Google divestiture is risky, since the repercussions cannot be forecasted. Nor can the judge know how Google's supply-side tech might be used by a potential acquirer.
As the summer comes to a close, hot-button issues like tariffs, manufacturing and pricing are continuing to dominate conversations at fashion brands. After the chaos of the last few months, some companies are managing to find a way forward. Abercrombie & Fitch Co. recently reported record net sales of $1.2 billion for its second fiscal quarter. Urban Outfitters, Inc. reported a record $252.2 million in net income for its first half of the year.
For years, dating back to the 2022 inflation wave, McDonald's and its fast-food rivals have contended with shopper frustration over rising menu prices, with combo meals increasingly breaking into double digits. Customers at the higher end of the income spectrum continue to order premium products and use delivery apps at healthy rates. Lower-income diners, however, are cutting back, Kempczinski argued in an interview on CNBC's "Squawk Box," treating fast food less as a daily convenience and more as an occasional splurge.
Wall Street traders drove stocks lower amid a selloff in tech shares that have powered the surge from April's meltdown. That's despite economic data that did little to alter bets on Federal Reserve rate cuts, with bonds and the dollar seeing small moves. Equities fell after a rally that drove the S&P 500 to all-time highs. The market is bracing for what has historically been the weakest month for US shares.
