Increase in Holiday Spending from Last Year
Although many Americans have yet to feel the effects of the slowing recovering economy, many report that they are less stressed about debt and they are spending more this holiday season. Black Friday, the biggest shopping day of the year, showed a 6% increase in retail spending, far higher than the 3.6% expected increase.
Perhaps the biggest change this year is the surge in online shopping. Consumers are turning to internet sites to do their shopping more and more as it becomes safer, more convenient and as more companies allow online shopping. Cyber Monday, the online shopping sale meant to rival Black Friday, took in more than $1 billion dollars in sales. It was the single highest amount of online sales completed in a single day.
Many experts think that the surge in sales is due in part to a declining willpower against spending, in part to an increase in responsible spending (more people are buying with cash and debit cards, as credit cards often fuel overspending) and in part to the huge discounts offered by retailers. For example, although overall sales of electronics were down by 1%, there was a far larger volume of goods sold. The decrease is due to the cheaper price of electronics and the large number of sales.
Don't forget to pay attention to your spending and watch out for the warning signs of bankruptcy!
If your finances are out of control and you are in need of debt relief, contact a San Antonio Bankruptcy Attorney at Malaise Law today!