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.
He continued:
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.