Americans are expected to open up their wallets this holiday season.
However, Meyer said when it comes to the debt service ratio, which measures debt payments as a percent of disposable income, US consumers are "basically back to where we were in 2019."
Last year, there was "actually a very similar breakdown," Meyer said, adding that "some of the shift toward ... e-commerce has been sticky." "If you kind of stocked up on a lot of new technology right after the pandemic — whether it was for your home office, or remote work, or whatever it might be — there are new items and options available now," Meyer said.Consumers are also willing to splurge at restaurants this holiday season, with restaurant sales expected to grow 5.4%, more than the 3.9% growth expected for grocery sales.
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