Consumers are cutting back on holiday spending this year. An analyst explains why

JACKSONVILLE, Fla. – With two big holiday shopping days around the corner, Black Friday & Cyber Monday, shoppers are making a list and checking it twice.

In fact, consumers are expected to cut back on spending this year.

Two major factors appear to weigh heavily on Americans: consumer confidence and economic uncertainty.

Justin Begley, an economic analyst for Moody’s, joined News4JAX Anchor Bruce Hamilton on The Morning Show. They discussed the things that have people keeping a tighter grip on their wallets and focusing on affording necessities rather than buying gifts.

Press play above to watch the full interview