Online spending is on the rise ahead of the holiday season. Bank of America Institute senior economist David Tinsley sits down with Brad Smith on Wealth! to ...
Online spending is on the rise ahead of the holiday season. Bank of America Institute senior economist David Tinsley sits down with“Over the last two years, we've begun to see a rise in online spending again, and when we dig into who's driving that, it's the lower-income consumer.
So first and foremost, what are you seeing specifically in the deal searching and the promotion hunting right now among consumers? One around black Friday, one in the build up to Christmas Eve, when everyone's panicking that they haven't brought enough gifts, et cetera. And of course, you know, as everybody knows, you can cover a lot of retail territory online compared to sort of trooping around the the mall, for example.We often think about the pull forward and some of those promotions when I, I consider how prime day gets earlier and earlier.
So all these things considered when you see a pull forward like this in some of the promotions, what is that set up for some of the typical holiday spending later on in the season around or even after Thanksgiving?We'll know in, uh, at the end of the day when we're through the through it. So I think you know that speaks to this widening differential between in a sense, the higher end malls and the lower end malls have digital deals.So I mean, I think I mean I. I do think this online trend is, is is here to stay, And I think, you know, part of it's generational.
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