Consumer expenditures stayed robust throughout the holiday period even with higher prices

Holiday Shoppers Flock to Rockefeller Center Ahead of Thanksgiving

On November 26, 2025, crowds began to fill the shopping areas around Rockefeller Center in New York City as the holiday season kicked off.

Recent figures released Thursday reveal that consumers increased their spending in November as the festive shopping period gained momentum, even as elevated prices continued to impact their wallets.

According to a Commerce Department report, which had been delayed due to a government shutdown, consumer spending climbed by 0.5% compared to October. This rise surpassed analysts’ forecasts, which had anticipated a 0.4% uptick.

After accounting for inflation, the growth in consumer spending was 0.3%.

The same report indicated that inflation remains persistently above typical levels, and included newly published data for October as well.

The Personal Consumption Expenditures (PCE) price index, which the Federal Reserve monitors to guide its 2% inflation target, increased by 0.2% month-over-month, pushing the annual rate to 2.8%.

These results were in line with economists’ predictions, who had expected a 0.2% monthly rise and a 2.8% annual rate for November, according to FactSet consensus.

This article is being updated as more information becomes available.