The Impact of Shopping Frenzy on US Economic Growth: Inflation and Cost of Living Concerns Loom

The Thrill of Shopping: Boosting the US Economy

Americans have a deep-rooted love for shopping, whether out of necessity or for pure enjoyment. This passion for retail therapy has not only benefited the retailers themselves, but also played a significant role in driving the wider US economy, according to industry experts.

One enthusiastic shopper shared with CNA that she indulges in shopping for “the thrill of the hunt, discovering new and exclusive items.”

Reviving Holiday Festivities

Consumers are once again opening their wallets to splurge on holiday festivities, with some even utilizing their excess savings from the COVID-19 pandemic. This renewed spending is a positive sign for the economy and a welcomed boost for businesses across the country.

Challenging Public Perception

Despite the strong economic performance, public opinion remains less optimistic. A recent study conducted by the Suffolk University Sawyer Business School involving 1,000 respondents highlighted a growing pessimism towards the economy.

Across various demographics including gender, age, and income levels, 70% of respondents nationwide expressed a belief that the economy is deteriorating. This negative sentiment is primarily attributed to persistent inflation and the rising costs of living.

Impact of Rising Costs

Respondents specifically pointed out the increasing prices of essential goods and services as a key factor behind their concerns. The cost of food, transportation, gas, and housing have all experienced significant hikes, further burdening households and undermining consumer confidence.

Read More of this Story at www.channelnewsasia.com – 2023-11-06 09:07:49