A Holiday Season Divided by Inflation and Economic Struggles

The New York Times (NYT) (11/25/2022)
  • Early US holiday spending is reflective of the increasingly polarized economy featuring high-earners continuing to splurge while inflation is forcing the poor and working-class cut back on non-essentials.
  • This dichotomy was evident during Thanksgiving as $100+ per person hotel brunches sold out while charities reported record demand for free turkeys.
  • The pandemic nest-egg savings many Americans accumulated thanks to stimulus checks and rising wages have largely been exhausted due to rising (+7.7% year-over-year) inflation.
  • Article provides more details on how inflation widens inequality.