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China's high savings rate is untapped potential: Economist
  + stars: | 2024-10-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's high savings rate is untapped potential: EconomistDavid Mann, chief APAC economist at the Mastercard Economics Institute, explains where he thinks China should target policy: from savings and consumption, to the property space.
Persons: David Mann Organizations: Mastercard Economics Institute Locations: China
Meyer: Spending was up 2.2% year-over-year in September.
  + stars: | 2024-10-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeyer: Spending was up 2.2% year-over-year in September. Michelle Meyer, U.S. Chief Economist at Mastercard Economics Institute, reports a 2.2% year-over-year increase in September spending. Despite strong job gains and wage growth, consumer spending remains modest.
Persons: Meyer, Michelle Meyer Organizations: Mastercard Economics
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIncrease in consumer holiday spending expected this year, says Mastercard's Michelle MeyerMichelle Meyer, Mastercard Economics Institute U.S. chief economist, joins CNBC's 'Money Movers' to discuss the state of the consumer, how to read auto delinquencies, and more.
Persons: Mastercard's Michelle Meyer Michelle Meyer Organizations: Mastercard Economics Institute U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIncrease in consumer holiday spending expected this year, says Mastercard's Michelle MayerMichelle Mayer, Mastercard Economics Institute U.S. chief economist, joins CNBC's 'Money Movers' to discuss the state of the consumer, how to read auto delinquencies, and more.
Persons: Mastercard's Michelle Mayer Michelle Mayer Organizations: Mastercard Economics Institute U.S
On Thursday, it expects to welcome Taylor Swift fans heading to Anfield for the first of the superstar’s three “Eras Tour” concerts in Liverpool. Banners outside St George's Hall in Liverpool saying "Liverpool loves Taylor," seen in May 2024. Taylor Swift performs at the Scottish Gas Murrayfield Stadium on June 7, 2024, in Edinburgh, UK. A fan poses at an art installation representing Taylor Swift's "Lover" album era, in Liverpool in June 2024. People walk past an art installation representing Taylor Swift's album "The Tortured Poets Department" in Liverpool in June 2024.
Persons: Sandon, Taylor Swift, Ceri Smith, It’s, , Swift, Smith, Liverpool, Taylor, Phil Noble, Harry Doyle, Gareth Cattermole, Natalia Lechmanova, , ” Taylor, deconstruct Taylor, Taylor Swift's, Peter Byrne, , Doyle, “ She’s, Frankie Goes, Kevin McManus, they’ve, ” McManus Organizations: London CNN, Anfield, Liverpool Football Club, CNN, Reuters, Amion Consulting, Liverpool City Council, Liverpool …, Liverpool ONE, Mastercard, Institute, Fans, Scottish Gas Murrayfield, , Wembley, Liverpool, University of Liverpool, Cavern, National Museums Liverpool, Beatles, UNESCO, Music, Department Locations: Anfield, Liverpool, Sandon, George's, United Kingdom, English, United States, Edinburgh, London, Taylor
And this Memorial Day weekend could be a case in point: Travelers are expected to come out in record-setting droves. Three-plus years of high inflation have taken their toll on Americans’ budgets and, especially, their mindsets. Inflation has slowed during the past couple of years, pulling back significantly from its peak of 9.1% in June 2022. Americans, especially lower-income consumers, have pulled back spending at retailers as goods inflation outpaces wage growth. Pandemic-era savings have been spent while sticky inflation and high inflation rates eat into household budgets.
Persons: ” Gus Faucher, Price, ” Faucher, Taylor, it’s, , Ed Bastian, Swift, Delta, Taylor Swift’s, That’s, Kathleen Oberg, , Peter Kern Organizations: New, New York CNN, Transportation Security, TSA, PNC Financial Services, CNN, Consumer, Mickey Consumer, Commerce Department, Disney, Delta Air, ” United Airlines, Mastercard, Institute, Marriott International, Marriott, Expedia Group Locations: New York, United States, Hong Kong, Europe
Tourists globally are spending an average of one more day at destinations compared to 2019. Longer vacations are more sustainable, reducing carbon emissions from fewer flights. Sustainability experts recommend fewer, longer trips to minimize environmental impact. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In Europe, Africa, and the Middle East, people are extending their trips for two days longer than before the pandemic.
Persons: Organizations: Sustainability, Service, Mastercard Economics Institute, Business Locations: Europe, Africa, East
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTravel spending not slowing down anytime soon, says Michelle MeyerMichelle Meyer, chief U.S. economist at Mastercard Economics Institute, joins CNBC's 'The Exchange' to discuss travel spending trends, what new Mastercard data shows about the strength of the consumer, and more.
Persons: Michelle Meyer Michelle Meyer Organizations: Mastercard Economics Institute, Mastercard
Inflation is far from uniform right now, says Michelle Meyer
  + stars: | 2024-04-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is far from uniform right now, says Michelle MeyerMichelle Meyer, U.S. Chief Economist at the Mastercard Economics Institute, discusses consumer spending and inflation.
Persons: Michelle Meyer Michelle Meyer Organizations: Mastercard Economics Institute
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Swift Lift: Restaurants see massive boost in sales within 2.5 miles of Eras Tour venuesMichelle Meyer, Mastercard Economics Institute chief economist, joins 'Money Movers' to discuss why the economist decided to look at the economics surrounding Taylor Swift, if spending around the Eras Tour rose more in bigger cities, and more.
Persons: Michelle Meyer, Taylor Swift Organizations: Mastercard Economics
The S&P 500 currently sits around 4,550. BMO’s chief investment strategist Brian Belski has predicted that the S&P 500 will close out 2024 at a healthy 5,100. The S&P 500 has gained about 18.5% so far this year after falling nearly 20% in 2022. Despite elevated borrowing costs, three years of high inflation and increasing numbers of Americans dipping into their retirement plans, consumers continue to keep the US economy chugging. Google accounts include everything from Gmail to Docs to Drive to Photos, meaning all content sitting across an inactive user’s Google suite is at risk of erasure.
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Record-setting holiday sales hit $12 billion
  + stars: | 2023-11-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
New York CNN —Enticed by deep discounts, Americans are expected to celebrate Cyber Monday by spending a record-setting $12 billion online shopping. The early results suggest the holiday shopping season is off to a positive start, aided in part by lower gas prices. Another popular measure of holiday spending, Mastercard SpendingPulse, found e-commerce sales jumped by an even stronger 8.5% year-over-year on Black Friday. In another sign of sturdy consumer spending, Americans continue to travel aggressively. That’s down 63 cents from the peak in September and marks 60 consecutive days of falling gas prices.
Persons: New York CNN —, ” Michelle Meyer, men’s hoodies, Mastercard SpendingPulse, , Mastercard’s Meyer, That’s, Sensormatic, Covid, Meyer, ” Meyer Organizations: New, New York CNN, Mastercard Economics Institute, CNN, Adobe Analytics, Adobe, JCPenney, Mastercard, SpendingPulse, Bank of America, Transportation Security Administration, Federal Reserve, AAA Locations: New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard: Retail sales are expected to grow by 3.7% during the holiday quarterMichelle Meyer, U.S. Chief Economist at the Mastercard Economics Institute, dives into Mastercard's Holiday Sales Forecast.
Persons: Michelle Meyer Organizations: Mastercard, Mastercard Economics Institute
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard SpendingPulse: Consumer spending on experiences remains resilientMichell Meyer, Chief Economist at the Mastercard Economics Institute, discusses the latest Mastercard SpendingPulse report for the month of July.
Persons: Michell Meyer Organizations: Mastercard, Mastercard Economics Institute
China is facing a demographic problem and needs to boost its productivity for growth, said David Mann, chief economist for Asia-Pacific, Middle East and Africa at the Mastercard Economics Institute. "You need to see the productivity side pickup exactly because of the demographic challenge," he told CNBC's "Squawk Box Asia" on Monday. "Now, you need the productivity," he said, underlining Beijing has to make sure "capital is channeled" in a way that boosts productivity. China ended its Covid-19 controls in December and the initial economic rebound has lost steam. The 6.3% economic growth in the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year.
Persons: David Mann, CNBC's Organizations: Mastercard, Institute Locations: China, Asia, Middle East, Africa, Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard economist discusses the 'extra challenge' China's economy is facingDavid Mann, chief economist for Asia-Pacific, Middle East and Africa at the Mastercard Economics Institute, discusses the demographic problems that China is facing and the "extra challenge" of boosting productivity and productive investments.
Persons: David Mann Organizations: Mastercard, Mastercard Economics Institute Locations: Asia, Middle East, Africa, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMastercard SpendingPulse shows strong consumer demand for experiences and e-commerceMichelle Meyer, Mastercard Economics Institute Chief U.S. Economist, breaks down the results of Mastercard's May SpendingPulse snapshot.
Persons: Michelle Meyer, Mastercard's Organizations: Mastercard, Mastercard Economics, Chief U.S, Economist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's plenty of room for outbound tourist spending from China, Mastercard saysDavid Mann of the Mastercard Economics Institute says China's domestic travel volumes, on the other hand, are almost back to pre-pandemic levels.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumer outlook rests on the labor market, says Mastercard Economic Institute's Michelle MeyerMichelle Meyer, chief U.S. economist at the Mastercard Economics Institute, and CNBC's Steve Liesman join 'The Exchange' to discuss food inflation relief, potential Fed dissenters, and consumer spending trends.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew data from Mastercard shows continued consumer spending, retail sales up in FebruaryMastercard Economics Institute's Chief North American Economist Michelle Meyers gives Worldwide Exchange the first look at a new report on consumer spending.
Hotel rates are at an "all-time high," Alan Watts, Hilton's Asia-Pacific president, told "Squawk Box Asia" on Thursday. In parts of Asia Pacific, hotel rates are climbing even higher. Rates in Asia are skyrocketingThe travel boom in Asia Pacific has been "phenomenal," said Watts. Average hotel rates across Southeast Asia have gone up more than 10% since 2022, according to data from the travel booking company Traveloka. Ctrip, the leading travel booking website in China, also told CNBC that average hotel booking prices in Bangkok jumped by around 70% in late January.
"The resounding strength of January employment report does not change our view of the labor market. Significant imbalances remain in the labor market due to too much excess demand and limited labor market slack," added Michael Gapen, chief U.S. economist at Bank of America. That's because they see the jobs report gain of 517,000 as a potential impetus to push the Fed into more aggressive interest rate hikes. He thinks future months will show a slowing labor market that will force the Fed into halting its hikes. "From a data-dependency perspective, the strength of the labor market suggests there might be need to continue to raise interest rates."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers still spending, despite changes in what they're buying, says Mastercard Economic Institute's MeyerMichelle Meyer, Mastercard Economics Institute chief U.S. economist, joins 'The Exchange' to discuss consumer spending data.
Here's how the U.S. economy could escape a recession in 2023
  + stars: | 2022-12-30 | by ( Jeff Cox | ) www.cnbc.com   time to read: +12 min
The U.S. economy heads into 2023 facing what might be the most anticipated recession in history. That basically means some parts of the economy will feel like they're in a recession while others won't. "Some areas of the economy may not feel like they actually are in recession. "For certain parts of the economy, it will feel like a very deep recession. For other parts, it will feel like a healthy growth economy, particularly in the parts of the economy where we see strong demand," she said.
Inflation has already peaked, but it will remain above pre-Covid levels in 2023, said David Mann, chief economist for Asia-Pacific, Middle East and Africa at the Mastercard Economics Institute. Central banks around the world have been hiking interest rates as recently as November in response to high inflation. The Fed will hold its December policy meeting this week, where it is expected to hike interest rates by 50 basis points. But he warned that it would be risky if central banks end up hiking rates more than they need to. It would be a "serious scenario" if central banks "end up going slightly too far and then need to reverse relatively quickly," he added.
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