Holiday spending in the U.S. is expected to rise, driven by households earning over $100,000 annually, while lower-income families face tighter budgets due to rising costs for essentials, according to The Wall Street Journal. Chris Peterson, CEO of Newell Brands, noted a growing divide in consumer spending, with higher-income households favoring premium products, such as $100+ blenders, over cheaper options.
In 2023, the median U.S. worker earned $48,060 annually, highlighting this income gap. Newell Brands is shifting its focus to high-end products due to declining demand for entry-level items. Between November 1 and December 24, U.S. consumers spent 3.8% more than the previous year, though post-Christmas shopping figures remain unreported.
Source : CGTN
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