Kevin Hassett, a key economic adviser to President Trump, spoke on “Fox & Friends Weekend” about the success of Black Friday shopping despite public worries about costs. He emphasized that consumer spending is strong this holiday season.
“We just had our best Black Friday ever, and it’s not solely about increased credit card use; incomes have considerably risen under President Trump,” Hassett remarked during his appearance.
He pointed out that under President Biden, incomes had decreased by about $3,000 per individual and $6,000 per family. However, this year, they’ve reportedly increased by around $1,500, leading to a backdrop where people are more comfortable shopping again as the government shutdown ended and the festive season approached.
The discussion referenced an article from The Atlantic, which claimed that household expenses are rising, projecting an additional tax burden of $132 this year for the average family.
The Atlantic noted that holiday shoppers might be feeling less joyful, highlighting that last week’s online Black Friday sales reached $11.8 billion—a 9.1% increase from the previous year, marking a new record. Thanksgiving Day also saw impressive sales, totaling $6.4 billion.
Additionally, spending on Cyber Monday is anticipated to be even higher, with expectations of reaching $14.2 billion, a 6.3% rise compared to last year. This clearly shows that shoppers are willing to spend despite worries about affordability.
However, a Deloitte Holiday Survey indicated that while more consumers plan to shop between Thanksgiving and Cyber Monday—82% as opposed to 79% last year—the average amount they plan to spend has actually decreased by 4%, bringing it to $622 per shopper.
Hassett remains optimistic, stating that retailers are expecting record sales both online and in-store, despite the backdrop of falling inflation rates during Trump’s tenure.
He noted that inflation has decreased significantly, hovering around 2.5%, while wage growth has been much more substantial. This disparity is likely influencing the growth in consumer spending, leading to what he described as a “fire sale.”
President Trump took to Truth Social to celebrate the rise in Black Friday and Cyber Monday sales, sharing an article that highlighted the expected robust financial season ahead.
