I went to a mall this past weekend. It’s something I always liked to do during the holidays. Truth be told I used to love it as a kid during the pre-indoor shopping days. The cold of going from store to store made it seem more like the holidays and if I was lucky, it might even snow. All that much better in my mind.
Well, the hustle and bustle are back even if it is indoors. The first indication that consumers are being, well consumers was that there were no parking spots at 11 a.m. So, we circled and finally found a spot. To say the mall was crowed is an understatement. Literally every single store had waiting lines at the checkout. The restaurants were all full as were the coffee shops. I have never seen so many people in a Nordstroms, and their Café had a line out the door. When we finally left, the line to get in the parking garage was dozens of vehicles in length. So, consumers are not listening to the financial pundits and news channels. Much is still ok with the American consumer and prices will continue to go up on everything other than maybe real estate.
In a supporting article in the Wall Street Journal titled, Stocks Fall After Strong Data Raises Rate Fears Crude-oil prices extend declines, Treasury yields tick lower By Will Horner Follow and Jack Pitcher, the quote David Donabedian “The economy continues to show a degree of strength that I think was not expected,” said David Donabedian, chief investment officer at CIBC Private Wealth US. “The consumer is hanging in there quite well, jobs continue to be added, wage growth is significant, and consumers are still spending.”
Based on my observations and the above article, it does not sound as though consumer spending will be going down any time soon. So, you guessed it, prices are going up for everybody, individuals and businesses alike.
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Resources: Wall Street Journal