Trump economic advisor Kevin Hassett touts ‘best Black Friday that we've ever seen' as holiday spending surges

Core Insights - Strong consumer spending is reported during the holiday shopping season, with record sales on Black Friday and expectations for high spending on Cyber Monday [1][4][5] - Economic indicators suggest that consumer incomes have increased under the current administration, contributing to higher spending [2][6] - Despite concerns about inflation and rising costs, consumer confidence appears robust, leading to increased holiday shopping [5][6] Group 1: Holiday Sales Performance - Black Friday generated $11.8 billion in online sales, marking a 9.1% year-over-year increase and setting a new single-day record [4] - Cyber Monday is projected to reach $14.2 billion in online sales, reflecting a 6.3% increase from the previous year [5] - A Deloitte survey indicates that 82% of consumers plan to shop between Thanksgiving and Cyber Monday, up from 79% last year [5] Group 2: Economic Context - Incomes have reportedly increased by $1,500 per person this year, contrasting with a drop of about $3,000 per person under the previous administration [2] - Inflation rates have decreased to approximately 2.5%, significantly lower than wage growth, which supports increased consumer spending [6] - Retailers anticipate that both online and in-store sales will reach record highs this holiday season [6]