Americans slowed down retail spending for 2012 holiday season
As the country’s economy continues to improve from the recession, American consumers are slowly regaining their confidence in national conditions as well as their own financial situations. However, many people are still cautious about spending too much, as was recently seen during the 2012 holiday shopping season.
According to a study by Bankrate.com, just over one-quarter of consumers (28 percent) said they spent less than they expected throughout November and December, while just sixteen percent stated they purchased more than they had planned for. Although there are still levels of cautiousness that remain, the research revealed that Americans are feeling better about their job security, savings and personal financial situations. These factors could certainly be felt in increased retail sales in 2013.
Overall retail sales during the holiday season were not particularly disappointing, but economists had hoped for higher totals. The Associated Press reports that research from the National Retail Federation found that holiday sales in 2012 increased by 3 percent from the previous year. Analysts had forecasted a boost of 4 percent. While consumers held back on their spending, conditions are expected to improve in 2013, as confidence returns.