Retail Expert Warns of Weak Holiday Shopping Season with Consumers ‘Stressed by Inflation’Amy Furr 21 Oct 2024
A former Target executive and retail expert is warning of a not-so-jolly holiday shopping season as Americans struggle in President Joe Biden (D) and Vice President Kamala Harris’s (D) economy.
Former Target Vice Chairman Gerald Storch said during an interview on Fox Business Thursday, “It’s very clear that consumers are running out of money.”
“They’re increasingly stressed by inflation and the exhaustion of their pandemic-era savings. When you take a look over the last several years, what you see month after month, everyone talks about, the consumer’s still spending. They might be, but they’re spending less than the growth of inflation,” he stated.
In 2023, a LendingClub study found a majority of Americans live paycheck to paycheck, as polling at the time showed only 14 percent of voters believed Biden’s economic policies were helping them, Breitbart News reported.
More recently, the outlet noted the Biden-Harris administration’s inflation was destroying wages, and the average U.S. worker was suffering under a 3.9 percent pay cut since the pair of Democrats took office.
Per the Fox article, Storch did not have a very positive outlook regarding the upcoming holiday shopping season.
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https://www.breitbart.com/economy/2024/10/21/retail-expert-warns-weak-holiday-shopping-season-consumers-stressed-inflation/
