Americans in election shopping standstill

Uncertainty over outcome of polls adds to concerns such as inflation, high interest rates

In Westport, Connecticut, a 35-year-old who works for an investment firm is holding off on making any financial investments until after the US presidential election. Across the country, in Kenosha, Wisconsin, a man who works in sales said he would love to buy a house and get out of his rental, but with election day just weeks away, he cannot possibly make such a colossal decision.

Call it the election shopping slump.

The Nov 5 election - with Vice President Kamala Harris and former president Donald Trump locked in a dead heat in the polls - has injected one variable too many into an already confusing time for the economy, with inflation, high interest rates and a surprisingly strong job market. The country is on edge, and consumers on both sides of the political aisle are reluctant to make big-ticket purchases. They are holding their pocketbooks close.

Some home buyers are waiting to see if a Harris administration will deliver down payment assistance for first-time buyers, a campaign promise. Others are hopeful a Trump victory will spell lower taxes. Still others just want it all to be over already.

The American pastime of spending money on stuff - a honeymoon in paradise, that new car smell, a kitchen renovation, impulsive online shopping - is now on pause for some. There are engaged couples so preoccupied with the current state of affairs that they cannot commit to wedding venues for 2025, and some who, a year ago, anticipating that a political pall could color their big day, steered clear of October and November dates. Car dealers and real estate agents say buyers are waiting out the election to see if interest rates or prices fall in the aftermath. Online retailers have been bracing themselves for the election jitters since the summer.