Retail sales report shows billions in extra spending

Even before the holiday shopping season began, consumers were purchasing Christmas gifts. An ASU economist explains why they're spending despite rising inflation.

Even before the holiday shopping season began, consumers were purchasing Christmas gifts. An ASU economist explains why they're spending despite rising inflation.

In this story published Nov. 16, 2021, on Newsy:

People saved a lot throughout the pandemic. They didn't travel. They didn't go to Europe. They didn't do experiences. They didn't go to events. This left them a lot of extra cash. The federal government came along and gave them even more cash. So there's a lot of pent up savings. I think this is going to be a very strong holiday season.

– Dennis Hoffman, professor of economics