PORTLAND, Ore. — Shoppers hit Black Friday sales to cross people off their holiday list, and with Cyber Monday coming up, retailers are advertising big sales over the next few days.
According to Portland State University Economics Professor Rajiv Sharma, about half of the country’s spending is done by just the top 10-percent of households in terms of income.
Right now, the US economy is in a situation where the top 10 percent of households account for about half of spending.
He says, even if some families are struggling, they will still buy gifts for the holidays.
“For many families, it remains that they regard some holiday spending as a necessity. And so that may in part be propping up spending, even if they feel like they are in a difficult financial spot,” said Rajiv Sharma, Ph.D.
Sharma also said that many shoppers this holiday are considering a lot of uncertainty about the future, whether that’s about the job market, tariffs, or other national policies.
The Washington Square Mall was a popular destination in the Portland metro area to kick off the biggest shopping weekend of the year. Mall Manager Maria Halstead said she expects 100,000 shoppers came through on Friday.
“We’re here at Washington Square on Black Friday, there’s a lot of people and we’re all enjoying the kickoff to the holiday season!” said Halstead.