With consumers feeling financial stress, a new Deloitte survey finds holiday spending will be off 7%. On a positive note, consumers will spend less traveling and dining out and will indulge in more self-gifting.
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How Consumer Spending Fared So Far Through 2020: Not Well
By now, you’ve heard the news that the GDP contracted 32.9% in the second quarter on an annualized seasonally and inflation-adjusted basis, following a 5% decline in first quarter. Personal consumption makes up over two-thirds of the GDP and it dropped even more precipitously, down 34.6% on an annualized basis. This quarter marks the economy’s […]
