Last week included the Thanksgiving holiday, one of the happiest days of the year for Americans, as Gallup has previously found. Gallup has typically seen a slight uptick in economic confidence on Thanksgiving as a result. During Thanksgiving week from 2008 through 2016, the index’s weekly score has increased, on average, by 2.6 points from the prior week.
But last week’s gain in economic confidence was more than twice as large as the average gain. This may be a result of the improving economy which, in turn, has allowed more Americans to have the resources to enjoy the holiday week by traveling or shopping. To that point, AAA estimated that the highest number of Americans traveled this past Thanksgiving week since 2005.
Likewise, retail sales occurring on Black Friday weekend were projected to grow by 47% this year. Gallup’s broader look at Americans’ estimated spending on Christmas gifts suggests retailers are in store for a strong holiday shopping season.