Shopping frenzy boosts US economic growth, but concerns over inflation and cost of living cast a shadow

American consumers love shopping, whether out of necessity or for pure enjoyment, and that has boded well for retailers and the wider US economy, said observers.

One shopper told CNA she does it for “the thrill of the hunt, finding new things (and) finding exclusive things.”

Consumers are now even spending on holiday festivities once again, with some spending their excess savings from the COVID-19 pandemic.

OPINIONS STILL SOUR

Despite the strong economic performance, people’s opinions are still souring.

In a recent Suffolk University Sawyer Business School study involving 1,000 respondents, 70 per cent of respondents nationwide across different genders, age and income levels said the economy is getting worse.

They cited persistent inflation and the rising costs of living as a key factor, with prices for food, transport and gas and housing costs all being driven up.