The Economy Is Booming. Look at Online Sales!
Stocks around the world closed out one of their best years over the past decade, defying money managers who began 2019 expecting the bull market to be upended by threats from the U.S.-China trade fight and a slowdown in growth.
Overall, seasonal shopping from Nov. 1 to Dec. 24 was up 3.4% over last year, with online sales swelling 18.8%, according to Mastercard SpendingPulse, which tracks spending trends.
Online sales hit a record high, according to the report, released Wednesday. It found clothing, accessories and electronics to be the primary drivers behind the e-commerce boom with specialty apparel sales jumping 17%. Jewelry sales increased 8.8% and electrics sales grew 10.7% over last year.
Are we heading into the new Roaring Twenties or is this time to take some money off the table?
Spencer McGowan is the senior portfolio manager for the McGowan Group Asset Management in Dallas. He’s optimistic for at least the first half of 2020:
