Kristen Schwab

So what's going on here?

Marketplace's Carla Javier looked into it.

Marketplace's Carla Javier looked into it.

Maybe expectations for December, based on past behavior and spending among high-income consumers, were just a little too high this time, says Katie Thomas at the Kearney Consumer Institute.

Maybe expectations for December, based on past behavior and spending among high-income consumers, were just a little too high this time, says Katie Thomas at the Kearney Consumer Institute.

What you see here is just a little bit of acknowledgement across the board, regardless of income, that people are making thoughtful purchases.

What you see here is just a little bit of acknowledgement across the board, regardless of income, that people are making thoughtful purchases.

So they were still spending, but they weren't overspending.

So they were still spending, but they weren't overspending.

perhaps foregoing that extra dessert or gift.

perhaps foregoing that extra dessert or gift.

Uncertainty about jobs, tariffs, healthcare costs, and government shutdowns could have all taken a toll on spending too, says Olivia Johnson at the University of Houston.

Uncertainty about jobs, tariffs, healthcare costs, and government shutdowns could have all taken a toll on spending too, says Olivia Johnson at the University of Houston.

We cannot negate the social and cultural and political turmoil that we've been seeing that ultimately impacts consumers.

We cannot negate the social and cultural and political turmoil that we've been seeing that ultimately impacts consumers.

Or maybe with retailers offering deals earlier and earlier,

Or maybe with retailers offering deals earlier and earlier,

Consumers looking to save some money might have already finished their holiday shopping before December even started.

Consumers looking to save some money might have already finished their holiday shopping before December even started.

Arun Sundaram is with CFRA Research.