Silver Report Uncut
Nov 28, 2021
Real wages are negative on the year, and that is impacting how consumers spend this holiday season.
Consumer confidence has been sliding as real wages are negative on the year as consumer prices in October spiked 6.2% YoY, far higher than the +5.9% YoY expected and accelerating from September’s 5.4% YoY; that was the highest print since 1990 a new Deloitte survey shows holiday shoppers are now planning to spend more than they anticipated in September.
Deloitte projects holiday sales could increase by 7% to 9% this year.
Deloitte’s projection is nominal and so may simply reflect higher prices of the same goods, as opposed to a more positive sentiment reflective of confidence driving Americans to ‘buy more’.
Of the 1,200 respondents (polled between Oct. 21 to Oct. 25), 41% said the reason for expanding their holiday budgets was higher prices. That’s up from 27% who said the same last year.
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