HdL Companies Reports Persistent Decline in California Sales Tax Returns in 4Q2023
“Despite being the traditionally high-performing quarter, California's local one-cent sales and use tax receipts saw a marked decrease.
- “Despite being the traditionally high-performing quarter, California's local one-cent sales and use tax receipts saw a marked decrease.
- This decline reflects consumer challenges balancing higher prices and financing costs with essential household needs,” reports Andy Nickerson, President/CEO of HdL Companies, the leading provider of revenue enhancement, technology, and consulting services for local governments.
- Sales of general consumer goods faced lackluster results during the holiday shopping period, declining by 3.4%.
- As the Federal Reserve considers a delay in softening rates, HdL Companies anticipates consumer spending may continue to stagnate, delaying a return to normal historical growth trends in 2024.