Trending rise is indicated by consumer spending. It is on a rebound as more people are buying goods. This can be seen in Charlotte, North Carolina, and nationally as well.
Trending Rise – More Money is Being Put on Credit Cards
There is a key sign in which people are putting more on their credit cards. This has occurred during the holiday season of 2021.
Credit card spending is jumping by 20 percent for American Express card members during the fourth quarter of 2021.
Also, the number is good and bad, too, because it does show the economy is recovering. Therefore, it is bad in the sense in people are going to choose to carry more debt.
Spending More and Buying Gifts!
“In fact, people are really definitely wanting to spend more and then just excited to give gifts,” said Lily Sanford. She is the owner of Lilbelle in Charlotte.
In 2021 during the fourth quarter, Lilbelle saw a change. This was a time when holiday shopping rebounded.
People did spend $131 in her store on a single visit in 2020. However, it did increase in 2021.
Black Friday Trend
“Also, it is about the $140 during Q4. With that being said, it can really be higher in other quarters. It is when people are spending for themselves. Therefore, we do see a trend after Black Friday. Customers do really want to just spend for other people,” said Sanford. “In fact, it is for people who really are want to spend money. That is because they want new things to wear. They do have places to go. Therefore, on top of that, they are carrying it within that 2020 mindset. It is like we really want to support the local community. In fact, we do want to see you succeed.”
A professor of Marketing at the Queens University of Charlotte said, Dr. Steven Cox, “well, I do think people are feeling more comfortable with the economy. Then they are also feeling more comfortable with their ability to have a job. Plus, also be able to go back to work.”
The professor does add others are buying things out of fear. That is because of it running out or increasing the prices that is because of inflation and the supply chain issues. People are really feeling comfortable about the economy.