Record holiday spending for millennials on credit cards

Record holiday spending hits $989 billion; credit card debt rises to $1.17 trillion as shoppers struggle amid high debt levels.

Published

1 year ago

December 30, 2024

ticker NEWS

Record holiday spending hits $989 billion; credit card debt rises to $1.17 trillion as shoppers struggle amid high debt levels.

Americans have achieved record holiday spending this season, reaching approximately $989 billion according to the National Retail Federation.

Despite high credit card debt levels, which have hit an all-time high, consumers have shown strong purchasing behaviour.

The growth in spending has been attributed to job gains, wage increases, and modest inflation.

Significantly, holiday shopping began robustly in November, driven by popular events like Black Friday.

Data from Mastercard revealed that over 10% of seasonal shopping occurred in the final five days before Christmas Eve.

Spending change

Sales during the period from November 1 to December 24 rose by 3.8% compared to last year.

Increased spending was evident across various sectors, including restaurants, apparel, jewelry, and electronics.

A substantial portion of shopping occurred online, leading many consumers to rely on credit cards, which has exacerbated debt levels.

Approximately 36% of shoppers incurred debt to finance holiday purchases, with the average debt rising to $1,181 this year, up from $1,028 in 2023.

Prior to the holiday season, American credit card debt already reached $1.17 trillion, an increase of $24 billion from the previous quarter.

Millennials, in particular, are increasingly using credit cards as they navigate financial pressures amid a cost-of-living crisis.

AI fears rattle global markets and investors

AI developments cause market volatility, with European software and US tech firms facing significant declines amid rising uncertainty.

Published

6 hours ago

February 16, 2026

Harvey Vargas

AI developments cause market volatility, with European software and US tech firms facing significant declines amid rising uncertainty.

Global stock markets are experiencing heightened volatility as concerns about AI disruption sweep across industries. Investors are closely monitoring which sectors could be most affected as the technology continues to evolve.

Recent announcements from major US AI companies sent waves through international markets, highlighting the interconnected nature of global finance and technology. European software giants such as Dassault Systèmes and RELX saw significant declines, underscoring the global reach of AI developments.

UBS analysts warn that the impact of AI disruption could intensify in 2026 and 2027, with potential ramifications for a wide range of sectors.

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Money

U.S. stocks falling amid AI worries and weak earnings

U.S. stocks decline amid AI concerns, defensive sectors rising; traders eye commodities, jobs data, and currency trends for insights.

Published

3 days ago

February 13, 2026

Harvey Vargas

U.S. stocks decline amid AI concerns, defensive sectors rising; traders eye commodities, jobs data, and currency trends for insights.

U.S. stocks are tumbling as investors grow concerned over AI profitability and disappointing earnings. Defensive sectors are attracting attention ahead of the upcoming CPI report, while market participants are carefully watching how tech-heavy AI stocks are influencing broader indices. Steve Gopalan from SkandaFX notes that these factors are shaping market sentiment.

For traders, commodities like gold and oil are also playing a role in sentiment, providing hedges amid market uncertainty. The January jobs report and unemployment data are adding further context, with potential implications for Federal Reserve policy.

Market expectations for rate cuts are shifting as investors weigh economic indicators against global market dynamics. Traders are also eyeing currency movements, including the Australian Dollar and Japanese yen, for signs of broader economic trends.

Money

Wall Street tumbles as tech stocks face AI disruption fears

Wall Street falters as tech stocks dive amid AI anxieties; 2026 seen as critical for proving AI investment returns.

Published

3 days ago

February 13, 2026

Harvey Vargas

Wall Street falters as tech stocks dive amid AI anxieties; 2026 seen as critical for proving AI investment returns.

Wall Street took a sharp hit as tech stocks plummeted amid growing investor anxiety over artificial intelligence. Markets reacted strongly to uncertainty about how AI could disrupt major sectors, leaving investors on edge. Kyle Rodda from Capital.com explains why investors are nervous about what’s ahead.

Cisco Systems’ quarterly results added to the market jitters, while defensive sectors gained attention as investors sought safer bets. Analysts describe 2026 as a ‘prove it’ year for AI, with companies needing to demonstrate real returns on their ambitious investments.

The January Consumer Price Index report and rising concerns over AI’s impact on transportation companies further weighed on sentiment. Investors are now closely watching major tech firms for signals on how AI spending will shape future market performance.

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