Business

Stagnant Wages, Mounting Bills Weigh On Holiday Shoppers

A new study finds consumers are heading into the holiday shopping season with high levels of anxiety about paying the bills they already owe. What does that mean for the retail sector?

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The report from financial news service BankRate.com examined Americans’ top financial concerns. Greg McBride is BankRate’s senior financial analyst.

“The financial priorities that Americans have right now really reflect an environment where so many people just aren’t seeing wage growth. The most common priority cited by more than one-third of Americans, is that they’re just trying to stay current or get caught up on the bills.”

The number two concern, cited by a fifth of respondents, was paying down debt. McBride says that by itself shouldn’t affect holiday spending much, as consumers tend to plan for major expenditures during the holiday season. Those that haven’t, he says, are likely to rein in spending all the more sharply after the first of the year.

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Andrew Schneider

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

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