What last year’s resilient consumer spending mean for 2024?

Americans closed out last year with increased spending on online purchases, brick-and-mortar stores and auto dealerships, hinting at sustained economic growth in 2024.

Economists project a 0.4% rise in December retail sales, surpassing November’s strong 0.3% gain.

Credit card data reveals strong holiday spending, with a surge in last-minute shopping. Car and truck sales also played a significant role in boosting December numbers.

The Commerce Department is set to release the December retail sales report today, which will give further insights into consumer spending.

Despite an increase in spending in 2023, growth is expected to slow to 1% in 2024 due to a moderating labor market and higher interest rates.