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Cyber Week Shatters Records Amidst Consumer Confidence Dip
5 Dec
Summary
- Online sales surpassed $44 billion during Cyber Week.
- Consumer confidence declined in November due to inflation and tariffs.
- Buy-now-pay-later and credit card usage is rising for holiday shopping.
Online sales surged to a record high during Cyber Week, with consumers in the United States spending more than $44 billion. This significant spending occurred even as a recent report indicated a decline in consumer confidence during November, largely attributed to ongoing concerns about inflation and economic uncertainties.
Despite a more cautious consumer sentiment, spending remains robust, fueled in part by flexible payment options. Retail analysts note a considerable rise in the use of buy-now-pay-later services and credit cards. Financial experts advise shoppers to be mindful of debt, emphasizing the importance of paying off credit card balances in full to avoid extra fees.
To navigate the holiday season wisely, experts recommend setting strict budgets for gifts, communicating spending expectations with loved ones, and prioritizing savings. Strategies such as utilizing cash-back rewards and avoiding last-minute purchases that incur express shipping fees are also advised. A focus on saving first and contributing to long-term financial goals like retirement is underscored as a critical component of sound financial management.
