Consumer Headlines: Consumer confidence, retail sales, and stable gas prices

ROCHESTER, N.Y. — A surprising drop in the Consumer Confidence Index has caught the attention of economists this month. While analysts anticipated an increase, the index fell from 112.8 in November to 105.7 in December.
Americans indicated they were feeling more confident in November. Analysts expected the trend to continue.
Despite the decline, retail sales rose nearly 1% in November. Deloitte’s research shows that Gen Z and Millennials are driving holiday spending, with nearly half of Gen Z (ages 12 to 27) and 43% of Millennials (ages 28 to 43) planning to spend on themselves this season. Experts attribute this to younger generations delaying parenthood and having more disposable income.
Gas prices remain relatively stable, providing consumers with additional cash. In Rochester, the average price rose less than a penny, staying at $3.22, the same as last Monday. Nationally, the price increased by 3 cents to an average of $3.01 per gallon. Local bargains include $2.74 at Walmart, $2.75 at BJ’s in Henrietta, and $2.79 at Costco.
The good news is that oil prices are holding steady. And because oil is the biggest ingredient in gas, gas prices are holding steady as well in most of the country.
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