Black Friday brought large crowds to shopping centers across the Portland area, as consumers took advantage of early holiday deals. With Cyber Monday approaching, retailers are pushing promotions to capture consumer attention during one of the busiest retail periods of the year. According to Rajiv Sharma, an economics professor at Portland State University, roughly half of all consumer spending in the United States comes from the highest-earning 10% of households. This segment continues to play a pivotal role in sustaining retail activity, even as broader economic conditions remain unpredictable. n nSharma explained that while many families face financial strain, holiday gift purchases are often viewed as essential rather than discretionary. “For a significant number of households, seasonal spending is seen as unavoidable, which helps support overall consumption even amid economic stress,” he said. n nConsumers are navigating a landscape marked by uncertainty, including concerns about employment stability, trade policies, and inflation. These factors are influencing purchasing decisions, yet the tradition of holiday gifting appears to be maintaining its economic impact. n nWashington Square Mall emerged as a key hub for shoppers on Black Friday. Maria Halstead, the mall’s manager, estimated that around 100,000 visitors passed through the doors on Friday. “We’re seeing strong turnout here at Washington Square. People are excited, engaged, and clearly ready to welcome the holiday shopping season,” Halstead noted. n
— news from KATU
— News Original —nEconomic expert notes top earners drive holiday sales amid financial uncertaintyn nShoppers hit Black Friday sales to cross people off their holiday list, and with Cyber Monday coming up, retailers are advertising big sales over the next few days. n nAccording to Portland State University Economics Professor Rajiv Sharma, about half of the country ‘s spending is done by just the top 10-percent of households in terms of income. n nRight now, the US economy is in a situation where the top 10 percent of households account for about half of spending. n nHe says, even if some families are struggling, they will still buy gifts for the holidays. n n”For many families, it remains that they regard some holiday spending as a necessity. And so that may in part be propping up spending, even if they feel like they are in a difficult financial spot,” said Rajiv Sharma, Ph.D. n nSharma also said that many shoppers this holiday are considering a lot of uncertainty about the future, whether that ‘s about the job market, tariffs, or other national policies. n nThe Washington Square Mall was a popular destination in the Portland metro area to kick off the biggest shopping weekend of the year. Mall Manager Maria Halstead said she expects 100,000 shoppers came through on Friday. n n”We ‘re here at Washington Square on Black Friday, there ‘s a lot of people and we ‘re all enjoying the kickoff to the holiday season!” said Halstead.