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Consumer Fear Could Wreak Havoc on 2022 Holiday Shopping, Recession or Not

Concerns about the economy, personal finances are causing pull back on spending.

Shoppers walk past Macy's in New York.

Shoppers walk past Macy's in New York.

Photographer: Victor J. Blue/Bloomberg

News about inflation, shortages and interest-rate hikes might crash the economy faster than the macro factors themselves.

Data provided by market research firm NPD Group shows 29% of US consumers are considering a tighter spending budget this holiday season, due to increased negativity about the economy and personal finances.