Americans are spending more this holiday season, but not on presents that go under the tree. Spending on services rose 2.5% last month while retail spending excluding restaurants fell 1%. Still, she estimates her holiday spending has already increased about $800 compared with last year because of higher costs for travel, food and outfits for holiday festivities. Over the past two decades, holiday spending declined once, falling about 5% between 2007 and 2008. How they payNot everyone has the money saved to cover higher holiday expenses, especially younger Americans.

Source: Wall Street Journal December 21, 2023 23:49 UTC