Business

Consumer confidence may take a hit thanks to turbulent Wall Street

Get ready for a holiday hangover.

Consumer confidence, which is seen as driving higher-than-expected holiday spending, could be headed for a crash of sorts — or at least a serious slowdown.

That’s because a new survey is showing consumers to be increasingly worried about the economy next year, more than they have been in the past five years.

Amidst stock market turbulence over the past couple of months, one-third of Americans now believe the economy will get worse in 2019 — the highest level of concern since 2013, a Wall Street Journal/NBC News poll found.

The poll of 900 people, conducted Dec. 9-12, found that 28 percent of Americans believe the economy will get better next year and 33 percent said it will get worse, while 56 percent said the nation is on the wrong track despite a strong economy.

Any pessimism, however, has not quite yet damped consumer spending, say industry experts. Holiday sales are on track to grow 5 percent over last year and are bolstered by falling gasoline prices, according to Customer Growth Partners.

“We look at how consumers are voting with their pocketbook,” said Craig Johnson, president of the firm. “And what they are actually doing is spending.”

Nearly 80 percent of shoppers are reportedly spending more than they had planned this season.

“Americans are earning more money this year,” said Britt Beemer, chairman of ARG, which surveyed consumers from Dec. 7-9, finding that 65 percent said their income is higher than it was a year ago. Two-thirds who earn hourly wages said they are getting overtime pay, Beemer added.