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    Americans ramped up spending during the holidays despite some financial anxiety and higher costs

    With an increase in online shopping due to the COVID-19 pandemic, Americans appeared to be willing to open their wallets and spend more money during the holiday season this year. Despite some financial anxiety and higher-than-usual costs due to the pandemic, there was still an increase in spending during the week of Black Friday and Cyber Monday. Retailers reported surges in both online and in-store sales and shoppers spent an estimated $942.1 billion, a 4.1 percent increase from last year. Overall, Americans opted to invest in consumer electronics and appliances, home goods, clothes, and gift cards to show holiday spirit.