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Pandemic may have slowed holiday shopping for many this year, as retail sales rise just 0.3 percent

Black Friday Shopping
Posted at 7:22 AM, Dec 23, 2021
and last updated 2021-12-23 08:22:50-05

NASHVILLE, Tenn. — Families slowed down their spending this holiday season and experts believe it's due to a number of reasons.

Economic experts said it's stemming from people struggling to find jobs that have income to support their families, but believe the slowdown in spending is temporary.

The latest numbers show Americans slowed their spending last month from October, where retail sales rose a mere 0.3 percent in November, which was weaker than some anticipated.

For comparison, sales rose 1.8 percent from October to November.

On top of inflated prices at the pump and at grocery stores, experts said shortages and supply chain issues pushed some shoppers to check off their lists early.

Economic expert Michael Snipes believes sales were also slowed down due to more tight budgeting around holiday shopping saying people were going to have to make cuts somewhere, and they weren't going to make cuts on necessities.

"We still have a lot of people who are struggling with income who are struggling finding jobs, and that means those incomes are still going to be at a relatively low level," said Snipes.