Name: Americans pessimistic about economy ahead of holiday shopping
Uploaded: 2025-11-24T01:55:17.961Z
Duration: 2 min 1 s
Description: Holiday shopping is kicking off, and a new CBS News poll shows only 32% of Americans think the economy is in good shape.

Holiday shopping is kicking off, and a new CBS News poll shows only 32% of Americans think the economy is in good shape.

East Rutherford

As the holiday shopping season gets underway, many Americans are reporting higher prices and are focusing on finding bargains. Recent polling indicates that only 32% of Americans believe the economy is in good shape, while nearly 60% feel prices are rising. Consumer sentiment has declined from October to November, with a notable drop since the previous year.

Despite these concerns, overall holiday sales are forecast to grow by 3-4% compared to last year, though this is a slower pace than before. Gen Z is the only demographic planning to significantly reduce spending, citing higher living expenses. Retailers, anticipating demand and tariffs, have stocked shelves early and are expected to offer significant discounts during Black Friday and the following days.

Americans pessimistic about economy ahead of holiday shopping

Jorica shoppers are out in force here at the American Dream Mall. Many saying they're seeing higher prices and searching for bargains. The Cuevas family is kicking off their holiday shopping with a close eye on prices. I'm planning to spend differently this year, maybe smarter. What does that mean? A budget because everything is so expensive. Optimism about the economy is in short supply. CBS News polling finds only 32% of Americans think the economy is in good shape and almost 60% feel prices are rising. Also, new data released last week showed consumer sentiment, which measures how people feel about the economy, fell from October to November and that number has dropped significantly since last November. The prices are a little bit more expensive because of the tariffs. Consumer spending accounts for more than two thirds of U. S. Economic activity. Holiday shopping forecast predicts sales will grow anywhere from about 3 to 4% from last year, slightly less than the year before. Spending has been pretty resilient, but Ali Furman with PricewaterhouseCoopers says Americans keep opening their wallets. We have seen what we call this say versus do gap widen and widen since the pandemic. Despite negative sentiment, consumers across every generation continue to spend. Furman says the only group of Americans who plan to cut back this year is Gen Z. The 20 somethings are facing higher living expenses and plan to spend 23% less. We go weekly grocery shopping and everything is more expensive, so we don't even know if we're gonna holiday shop really. Retailers stock their shelves early this year because of tariffs. Financial analysts say they'll then be looking to clear out that inventory, offering the deepest discounts on Black Friday and the four days following, including, of course, Cyber Monday. Jerica. People love those discounts. Chanel call. Thank you.

The first G20 summit to be held in Africa has been labelled a "triumph of multilateralism," as leaders from the world's more powerful economies came together in Johannesburg. South African leader Cyril Ramaphosa used his presidency to highlight the priorities of Africa and the global south.

Johannesburg

G20 shared goals 'outweigh differences' as summit ends

After running a day overtime, delegates at COP30, the United Nations climate summit in Belém, Brazil, finally reached a deal on a final agreement, but one that falls well short of the high expectations held by many delegates, environmental groups and NGOs.

Belém

COP30 climate deal falls short of expectations

Washington signaled room for negotiation on a 28-point plan to end the Ukraine war, denying claims by some U.S. senators that it is a Russian "wish list," as Kyiv and European allies criticized the proposal ahead of Sunday talks in Geneva.

Geneva

Ukraine Invasion

Europeans push for stronger deal for Ukraine as Geneva talks continue

The United States is set to launch a new phase of Venezuela-related operations in the coming days, four U.S. officials told Reuters, as the Trump administration steps up pressure on President Nicolas Maduro's government.

Caracas

U.S. to launch new phase of Venezuela operations, sources say

Premier Li Qiang said Beijing wants to work with Pretoria to safeguard the multilateral trading system.

China pledges to work more closely with South Africa

Brazil's COP30 presidency pushed through a compromise climate deal that would boost finance for poor nations coping with global warming but that omitted any mention of the fossil fuels driving it.

UN climate talks end with no binding deal on fossil fuels

U.S. Rep. Marjorie Taylor Greene of Georgia, a once-loyal supporter of Donald Trump who has since become a critic of the president, said she is resigning from Congress in January. Greene's resignation followed a public fallout with Trump over the Epstein files.

Washington

Trump loyalist-turned-critic Marjorie Taylor Greene resigns

The Coast Guard said it conducted its largest cocaine seizure in history worth an estimated $362 million. Take an inside look as officials offload the nearly 50,000 pounds of drugs.

Coast Guard announces largest cocaine seizure in agency history

U.S Secretary of State Marco Rubio and special envoy Steve Witkoff are due to arrive in Geneva on Sunday to push for President Donald Trump's plan to end the war in Ukraine. European and Ukrainian officials will take part in the talks.

Kyiv

U.S delegation to meet with Ukraine to sell Trump's peace plan

The G20 summit opened on Saturday (November 22) with EU leaders and their counterparts from leading and emerging economies coming together as Washington's proposed peace plan for Ukraine loomed large on the sidelines.

Soweto

Leaders adopt declaration at Africa's first G20 summit

Federal police have detained Brazil’s ex-president Jair Bolsonaro after a Supreme Court judge deemed the far-right firebrand a "high flight risk." The arrest comes just days before Bolsonaro is due to begin a 27-year prison term for leading a botched coup attempt.

Rio de Janeiro

Brazil ex-president Bolsonaro arrested due to "flight risk"

Pope Leo XIV met with some of the rescued Ukrainian children who were kidnapped by Russian forces throughout the war as the Vatican ramps up its efforts to get all of the nearly 20,000 abducted kids home to Ukraine.

Rome

Pope Leo XIV meets with rescued Ukrainian children

U.S. President Donald Trump and New York City's incoming progressive mayor Zohran Mamdani were all smiles at a White House meeting, promising to set aside months of bitter feuding and cooperate on the city's future.

Trump hosts warm White House meeting with N.Y. mayor-elect Mamdani

Hopes for a strong G20 declaration on climate and debt relief are slim as South Africa hosts the summit from Saturday (November 22). Global tensions and a boycott by the U.S. threaten to overshadow the gathering.

G20 leaders seeking agreement in South Africa, despite U.S. boycott

Republican Rep. Marjorie Taylor Greene is resigning from Congress early next year after a weekslong falling out with President Trump and much of her party.

Marjorie Taylor Greene resigning from Congress after Trump fallout

President Trump is pressuring Ukraine to sign off on a new peace proposal with Russia by Thanksgiving. The 28-point plan would have Ukraine surrender about 20% of its territory to the Russians -- an area roughly the size of Pennsylvania.

Trump presses Zelenskyy to accept peace plan, ceding territory to Russia

A powerful earthquake has struck Bangladesh outside the densely populated capital of Dhaka, killing at least five people and injuring about 100, according to the government.

Dhaka

At least five killed as magnitude 5.5 earthquake hits Bangladesh

The COP30 climate conference was hit by divisions on Friday (November 21), over a proposed deal that dropped any mention of fossil fuels, prompting the summit host Brazil to plead with delegates for unity.

Draft COP30 deal drops mention of fossil fuels

Fátima Bosch Fernández of Mexico has been crowned Miss Universe 2025, securing an electrifying victory at the center of a turbulent pageant in Bangkok.

Bangkok

Miss Mexico crowned Miss Universe 2025

According to UNICEF, more than 400 million children globally live in poverty, missing out on at least two daily needs such as nutrition and sanitation.

UNICEF: More than 400 million children globally live in poverty

The fire in the Blue Zone of the UN climate conference forced evacuations and stalled negotiations as the summit nears its end with many agreements yet to be made.

Fire disrupts climate talks at COP30 in Brazil

Top Democrats condemned President Donald Trump after he accused six lawmakers of "seditious behavior," a crime he said is "punishable by death." The lawmakers posted a video telling military members to disobey illegal orders.

Trump accuses six lawmakers of "seditious behavior"

President Trump approved a 28-point plan to end the Russia-Ukraine war, a senior White House official confirms to CBS News. Ramy Inocencio has the latest.

Trump approved 28-point plan to end Russia-Ukraine war

There are reports that the U.S. and Russia have drafted a plan that would end the war in Ukraine, but it proposes that Kyiv give up territory and some weapons.

Ukraine expected to give up land, some arms under U.S. peace plan

All 267 people on board a South Korean passenger ferry that ran aground off the southwestern tip of the Korean peninsula on Wednesday (November 19) have been rescued, in an incident that revived memories of the major ferry disaster in 2014 in which 300 people died.

Mokpo-si

Ferry runs aground off South Korea, crew negligence suspected

On Wednesday, U.S. President Donald Trump signed the bill that forces the Justice Department to release the files from its investigation into the late sex offender Jeffrey Epstein. The bill was passed by the U.S. House and Senate on Tuesday.

Trump signs bill to release Epstein files

U.S. officials are now in Kyiv for the Trump administration's renewed push to end the Russia-Ukraine war. CBS News chief foreign affairs correspondent and "Face the Nation" moderator Margaret Brennan has the details.

U.S. officials in Ukraine to push for renewed peace talks

Harvard University is opening a new inquiry into faculty connections with convicted sex offender Jeffrey Epstein. Cam Srivastava, college administration reporter for The Harvard Crimson, joins CBS News with more.

Cambridge

Harvard announces new probe into faculty ties to Jeffrey Epstein

U.S. President Donald Trump has authorized a plan for the CIA in Venezuela, according to a New York Times report. CBS News' Charlie D'Agata has more details.

Trump authorizes plans for CIA covert operation in Venezuela: report

An Israeli strike on the Ain al-Hilweh Palestinian refugee camp in southern Lebanon killed 13 people and wounded several others, the Lebanese Health Ministry said Wednesday. The Israeli military said it struck Hamas militants who it said were operating in a training compound there.

Breakdown