Shoppers gave retailers a massive boost Saturday by making it the biggest sales day in U.S. retail history.
Super Saturday sales reached $34.4 billion thanks to a booming economy and more jobs, according to retail research firm Customer Growth Partners.
“Paced by the ‘Big Four’ mega-retailers — Walmart, Amazon, Costco and Target — Super Saturday was boosted by the best traffic our team has seen in years,” said the firm’s president, Craig Johnson.
Johnson noted that stronger household finances have “put consumers in a buying mood this season,” adding that more of them are shopping online, which has accounted for a 58 percent sales growth compared to last year.
The weekend record beat out Black Friday’s $31.2 billion and Cyber Monday’s $19.1 billion, a Fox Business report said.
In November, incomes rose by half a percentage point, which caused consumer spending to rise at a 0.4 percent annual rate, according to Breitbart News’s John Carney.
The higher spending is not due to rising prices. Inflation, as measured by the Federal Reserve’s preferred price indicator, is still running well below the Fed’s 2 percent target. It came in at just 1.5 percent for November compared with a year ago. And despite the rise in consumer spending, Americans are saving more. The saving rate edged up to 7.9 percent of after-tax income in November. The jump in incomes and consumer spending undermines the narrative of an ailing economy that Democrat presidential hopefuls pushed at Thursday night’s debate.
Working-class Americans are experiencing the biggest gains thanks to a good economy under the Trump administration, White House Deputy Director of Communications Adam Kennedy said during an interview on SiriusXM’s Breitbart News Sunday.
“The president, since day one … has been working hard to make sure that American families — the American people — are at the center of this administration, and what we are trying to achieve, and we’ve seen that in the economy,” he concluded.