Goldman Sachs The Markets
What Black Friday numbers say about the US consumer
Dec 6, 2024
Retail stocks are on the rise as the holiday shopping season approaches. Insights reveal a surprising boost in consumer spending during Black Friday and Cyber Monday, especially in apparel and footwear. There's a renewed buzz in mall traffic, while department stores continue to face challenges. The conversation also touches on the resilience of low-income consumers and how companies are adapting to meet their needs. Finally, a spirited discussion about the upcoming college football bowl season adds a fun twist to the consumer landscape!
08:27
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Quick takeaways
- The recent rally in US retail stocks indicates strong corporate earnings and favorable macroeconomic conditions boosting consumer sentiment for the holiday season.
- Early indicators from Black Friday reveal surprising growth in consumer spending, especially in apparel and footwear, signaling a rebound in confidence.
Deep dives
Retail Performance Drivers
Several factors have contributed to the recent rally in retail stocks, including strong corporate earnings and favorable macroeconomic conditions. Companies have reported better-than-expected third-quarter results, with improved top-line performance and healthy margins. Additionally, the economy is benefiting from lower gas prices and encouraging job data, enhancing consumer sentiment as the holiday season approaches. As we move past the election period, retailers have noted a promising start to the fourth quarter, suggesting positive trends in consumer spending.
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