From the Editorial Board: Through their shopping behavior, American consumers are sending a sensible message: Enjoy the holiday season, but not too much.
People walk past stores in the 500 block of North Michigan Avenue on Black Friday, Nov. 25, 2022, in Chicago.
Similarly, the strong percentage increase in retail sales owes some of its apparent buoyancy to the economy’s biggest threat: Inflation has sent the cost of goods soaring this year. Sticker shock, some analysts say, will result in consumers ultimately buying less merchandise and spending more on travel or other experiences.
The Conference Board consumer-confidence index fell in November from the previous month, suggesting the economy is losing momentum and that consumers regard the short-term outlook as gloomier today than it was even just weeks ago. After having massively jacked up interest rates in 2022 to combat inflation, U.S. Federal Reserve Chair Jerome Powell on Wednesday laid the groundwork for slowing the pace of future rate hikes. The slump in consumer confidence no doubt is pushing him in that direction.Given the mixed holiday outlook, a shakeout could be looming as some retail chains and locations fare better than others.
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