Consumer spending remains steady, reflecting a normalized economy

Consumer spending has held up well during the holiday season, showing a growth rate of about 4.5% compared to the previous year. While it has slowed down from last year's rate, retail stores and online sales are still performing decently. Consumers have maintained healthy bank balances, with average account amounts still significantly higher than pre-pandemic levels. Although inflation has affected certain groups, overall unemployment rates remain low, indicating a strong position for consumers.