BOOM: Holiday sales predicted to surpass $1 Trillion for first time…. BUST: Americans take out $50 billion in payday loans a year

  • Total retail sales in the U.S will hit $1.002 trillion during the Christmas holiday period, marking the “strongest growth since 2011,” according to eMarketer.
  • In-store sales are forecast to rise 4.4 percent year-on-year, while e-commerce sales are predicted to grow by 16.6 percent.
  • The report comes amid concerns over the future of brick-and-mortar retailers, amid news of bankruptcy and store closures.

Christmas holiday retail sales in the U.S. are expected to climb above the $1 trillion mark for the first time this year, on the back of low unemployment, solid income growth and higher consumer confidence, according to a study released Tuesday.

Total retail sales in the U.S. will hit $1.002 trillion during the holiday period — which it defines as spanning November 1 and December 31 this year — an increase of almost 6 percent from the previous year, marking the “strongest growth since 2011,” data from market research firm eMarketer showed.

The report comes amid concerns over the future of brick-and-mortar retailers, with the likes of Sears and Toys ‘R’ Us facing bankruptcy — although the latter’s lenders recently cancelled a bankruptcy auctionand plans to revive the brand.

www.cnbc.com/2018/11/06/us-christmas-retail-sales-to-surpass-1-trillion-this-year-emarketer.html

NEW YORK (AP) — Americans take out roughly $50 billion in payday loans a year, each racking up hundreds of dollars in fees and interest. But a small and growing service that allows its users to take an advance on their paycheck might be giving the payday loan industry a run for its money.

San Francisco-based financial technology company Even made headlines late last year when Walmart, the nation’s largest private employer, announced it would start offering Even’s service as part of its employee benefits package. Along with providing tools that allow employees to track their spending and save money, Even features Instapay, which allows users to advance some of their next paycheck up to 13 days before payday. Because the Even user is tapping into his or her already accumulated hours, Even doesn’t charge the employee interest on the advance.

Even is one of a handful of technology companies have popped up in recent years looking to get wages to employees faster and on demand. Companies like FlexWage Solutions and Instant Financial offer on-demand pay, but those services are often tied to a debit card issued by the company instead of an employee’s primary bank account.

apnews.com/6ec19f9ce0684a3f9ce96711f4006ba1

 

435 views