It’s Beginning to Look a Lot Like Christmas—and Like 2019

By now it is clear that Americans will spend a lot more this holiday season than they did last year. But what they spend their money on, and where they spend it, will be different.

On Wednesday the Commerce Department reported that, adjusted for inflation, consumer spending last month rose 0.7% from September, putting it up 6.6% from a year earlier. Credit and bank card data from both JPMorgan Chase and Bank of America show that spending has been strong in November, and retail executives have been sounding optimistic about the holiday shopping season as well.