Deep Dive: What spending trends look like this year in New York
In this week's Deep Dive, News 12's Kristie Reeter takes a look at what spending trends have looked like this year in New York.
In a News 12 poll, a majority of Long Islanders said they were actually buying more this holiday season. In Westchester, 46% of people said they are buying less.
In the Bronx and Brooklyn, a majority of the votes were split between buying less and no change.
Caleb Silver with Investopedia says there has been a spending trend in New York.
“They have been pretty consistent month after month throughout the year, but spending has slowed as we get into the holiday season, so maybe folks did that holiday shopping early,” he says. “The most recent stats we have are for NYC, where spending is up 21.6% year over year. Across the other counties we know it was strong going into August and September, but it has kind of slowed."
Silver also says there has been a specific trend spotted in credit card purchases.
“Folks have been spending a lot of money on home improvement, a lot of money on hobbies and a lot of money on sort of arts and crafts and sporting goods,” he says.