“For the five days, from Thanksgiving Day to Black Friday to Cyber Monday, internet sales topped $38 billion, exceeding Adobe’s forecast of $37.2 billion.”

Almost 10% of those sales were through buy now pay later schemes.

Analyst Comment: Despite a freight recession and slow downs in real estate, consumer spending has remained strong. However, as savings has largely ran out, spending is being funding through credit cards, buy no pay later, loans on retirement accounts and other forms of credit. This level is spending is not sustainable, especially at current interest rates. We expect a sharp decline in consumer spending in Q1 to Q2 2024.