New York CNN —Retailers are projecting slower growth this holiday shopping season as inflation, higher borrowing costs, and the resumption of student loan repayments cause many consumers to pull back.
The government reported that strong consumer spending drove the economy to a robust 4.9% annual growth rate in the July-September quarter.
Consumer confidence dropped for the third consecutive month despite the booming economy.
The resumption of student loan repayments last month after a three-year pause could also impact consumer spending.
“Student loan repayments will diminish the already dwindling savings among younger households,” Moody’s said in a report this week.
Persons:
Matthew Shay, ” Dana Peterson, “ Consumers, ”, ” Moody’s, ” Shay
Organizations:
New, New York CNN — Retailers, National Retail Federation, “, Consumer, Conference Board, Consumers
Locations:
New York, splurging