Black Friday is poised to take on a new tint of red, white and blue this year after an election that many say was won and lost on consumer sentiment and the economy.
CNBC analyzed shipping trends in red and blue states and spoke with shoppers in Texas, Michigan, New Jersey, New York, Connecticut, North Carolina and Virginia to better understand how the 2024 presidential election results could influence the holiday shopping season.
People who voted for President-elect Donald Trump were overwhelmingly positive about the future of the economy, while supporters of Vice President Kamala Harris were more pessimistic, concerned that the incoming president’s policies could make things harder on the middle class. In a world where sentiment drives purchasing decisions, these differences in opinion could shape how much people end up spending this holiday season.
For example, Harris voter Amanda Davila, a 30-year-old New York City educator, told CNBC she’s planning to spend less on the holidays this year and is “trying to be more cautious” about spending in the leadup to Trump taking office in January.
“I’m worried about my own student loans and whether things will be taken out of forbearance, how much I’m going to be owing if the SAVE Plan [for student loan repayment] goes away and things like that,” said Davila. “It’s very hard being a millennial and having to worry about buying a house, affording groceries, rent, all that stuff. With our income, it’s not enough for everything these days.”
Tagged:
2024 Election
