Consumers appear content to "do more with less" this holiday season so far, frequenting retailers they trust for value in purchasing gifts and merchandise.
Lone Star College economist and Professor Hank Lewis says that search for value is driving customers to Wal-Mart, T. J. Maxx and Gap stores, which have seen a surge in sales, while others such as Target are seeing slowing consumer traffic.
Among the problems this season are an apparent increase in inflation -- which is still showing up in "shrinkflation," the dwindling size of merchandise for which the price doesn't go up -- and an overall feeling on the part of many buyers that they need to hoard money because things like insurance, rent, cars and goods & services are going up too fast.
"But the consumer is trying to be more deliberate, more intentional and spend less money this year because of that," Professor Lewis says.
Some might say the US economy is slipping into a recession, and while some disagree with that assessment, financial strategist Ron Glasgow says we've seen a growing US economy (excluding the pandemic era) for about 16 years, so some slippage is inevitable.
"To me it feels an awful lot like the old toy Jack In the Box, it seems like every quarter that goes by we turn that crank a little bit and sooner or later something has to give."
On the brighter side, though, Professor Lewis says there are some things that are cheaper this holiday season than last year, such as gasoline -- and Thanksgiving Dinner.
"For a family of like 4 and 6 people, it's going to be about 15 dollars cheaper than in the last couple of years so there is some relief coming down the pipe here."