Deep Dive: What spending trends look like this year in New Jersey
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 Jersey.
In a News 12 poll, a majority of people in New Jersey said they were actually buying less this holiday season, while 33% said there was no change.
What has the spending trend been in New Jersey overall?
“People have been spending more. There has been a bit of a slowdown in the last month as we get close to the holiday season, but if you look year over year, you still see impressive numbers especially in Hudson County where spending jumped 61% year over year,” says Caleb Silver, with Investopedia. “Monmouth County up 25.8% not as much there, for Morris 21.9% and Bergen lagging 13.4%, but spending did jump across the state."
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. “But we haven't seen a lot of spending in the recreation areas, in the arts and entertainment or in restaurants, of course, and hopefully that will come back in the spring."