这个新年，美国消费者更节俭

Group 1 - The core consumer spending during the Christmas season in the U.S. is showing signs of weakness, with retail sales growth at 4.2%, lower than last year's 4.8% increase, and a real growth rate of only 2.2% after adjusting for inflation [1] - Foot traffic in physical retail stores has declined, with a 5.4% drop in visits during the last Saturday before Christmas compared to last year, indicating a shift towards more practical and frugal consumer behavior [1] - Despite the weak retail performance, the U.S. GDP growth in the third quarter reached its highest level in two years, primarily driven by strong consumer spending, although this growth is now under pressure due to rising living costs [1] Group 2 - Consumer spending supporting GDP growth is increasingly reliant on credit expansion, with 37% of Americans using loans to cover holiday expenses, and the average holiday debt rising to $1,223, the highest since 2022 [2] - The pressure from tariffs and high prices is impacting household budgets, leading to increased debt during the holiday season, as consumers find it difficult to forgo holiday traditions despite rising costs [2] - A significant portion of borrowers, 63%, expect to take three months or longer to pay off their holiday debt, with 41% still paying off last year's bills, which could lead to a heavy interest burden given the average credit card rates exceeding 20% [2]