Gross domestic product is unlikely to see as much growth in the final quarter of 2022 as in Q3, but consumer spending appears to remain strong ahead of the holidays.
Third-quarter spending undermines the belief that the U.S. economy is in a recession as consumers continue to spend, even if consumers are pulling back somewhat and reprioritizing their household budgets.
Nationally, retail sales for the first ten months of the year increased 7.5% year over year.
Despite inflation, with Washington state’s low 3.8% unemployment rate, strong spending is expected to continue.
Lululemon, the athletic apparel retailer popular in shopping malls, is known for its trendy and functional workout apparel and loungewear. The brand continues to draw shoppers, and its numbers confirm it, supporting the national spending trend. Last Thursday, they announced their third-quarter profit. Sales had topped Wall Street’s expectations, increasing 22% year-over-year.
According to Lululemon CEO Calvin McDonald, the company had a strong start to the holiday season with Black Friday being the biggest day in its history for sales and store traffic. For the year, the company expects revenue of $8 billion.
