Two Types of Shoppers Are Powering Holiday Spending: The Wealthy and Deal-Hunters

Two different consumers are fueling this year's holiday-shopping season: high-end luxury shoppers and deal-hunters making everyday-spending trade-offs to keep the gifts flowing.

The myriad choices these more cautious shoppers are making help illuminate why spending is up but consumer confidence is dragging in the final stretch of the year. On Black Friday, the year's busiest shopping day, sales rose 4.1% compared with last year, Mastercard data show.

Even with holiday shopping off to a robust start, consumers -- especially those from less-affluent households -- are pulling back on...

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