Deep Dive: What spending trends look like this year in Connecticut
In this week's Deep Dive, News 12's Kristie Reeter takes a look at what spending trends have looked like this year in Connecticut.
In a News 12 poll, a majority of people in Connecticut said there was no change, while 33% said they were buying less.
What has the spending trend been in Connecticut overall?
“Spending has grown aggressively in Connecticut year over year, remember we weren't spending a lot last year, but spending across the counties that we track has been jumping, especially Litchfield County where it is up 71% from a year ago,” says Caleb Silver, with Investopedia. “Again, we weren't spending a lot last year, big spending jump in Litchfield County. Hartford County not as much 36.4% and pretty good there too. And Fairfield County up 34.3%."
Silver also says there has been a specific trend spotted in credit card purchases.
“Folks have been spending a lot of money on home improvement, a lot of money on hobbies and a lot of money on sort of arts and crafts and sporting goods,” he says. “The spending hasn't been where exactly where we think it hasn't been— that's in restaurants, that's in arts and entertainment and leisure activities. But spending has grown considerably in Connecticut year over year."