Holiday spending hits record highs; beauty, self-care among popular purchases

CHARLOTTE — Despite inflation causing prices to shoot up, shoppers aren’t shying away from spending this holiday season.

According to the U.S. Census Bureau, in November, $705 billion was spent on retail—that’s a four percent jump from last year’s numbers.

Adobe Analytics says online shopping sales were up more than seven percent compared to last year.

Cindy Fox, a senior lecturer in marketing at the University of North Carolina at Charlotte, says parents aren’t hesitating to put their financial goals on hold to make sure their kids’ holiday wishes come true.

“Studies show people are happily going into debt and taking their kids to Disney World. I think that you want to make those around you happy, but I would caution that you make sure you look long-term for your family,” Fox said.

Fox says most of this year’s holiday spending has been for beauty and self-care products.

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