Know The Difference Minute

Even with 6 billion out-of-stock messages online, more than $204 billion was spent online over the holidays.

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Time for the Know the Difference Minute, 2 stories making news today.

The Labor Department confirmed what we’ve all been experiencing: inflation is rapidly rising. December prices climbed at the fastest 12-month pace in nearly 40 years. In the past year, the Consumer Price Index is up 7%.

But, we are still spending. Even with 6 billion out-of-stock messages online, more than $204 billion was spent online over the holidays. That’s a record and an increase of almost 9%.

And our shopping habits are changing. Pre-Thanksgiving spending was up over 19%, mostly driven by shoppers buying what they could find. Black Friday isn’t what it used to be. Neither is Cyber Week where spending was down. We’re spreading our shopping over longer periods. In 2020, it took 25 days to hit the $3 million mark in sales. In 2021, it took 38.

I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.