Holiday Spending Soars Despite Biden's Approval Rating Drop
Despite a decline in approval ratings for President Joe Biden and negative views on the economy, holiday spending plans in the US are expected to be robust, with intended spending per person reaching $1,300, a 31% increase from last year. While a small number of respondents plan to spend large sums, even when those answers are removed, double-digit gains are still evident. Factors contributing to increased spending include higher incomes and inflation. However, the survey also highlights the growing divide between negative economic sentiment and positive economic data. The majority of Americans view the economy as fair or poor, although there have been modest improvements in economic outlook. Inflation remains a top concern, followed by immigration and border security. President Biden's approval ratings have hit a new low, with his overall approval rate at 35% and his economic approval at 33%. Former President Trump has widened his lead over Biden in a head-to-head matchup, particularly among key constituents such as younger women, independents, and Latinos.