As the end of January approaches, the holiday shopping frenzy and the spending that accompanied it increasingly take the proverbial back seat to things more current — that is, of course, except for lingering holiday-related credit card debt.

Now the attention is shifting in a big way to Valentine’s Day and, for many couples, the anticipation of becoming engaged.

Just like those Christmas gifts that made that holiday special and bolstered the economy in the process, engagement ring purchases at this time of the year provide an economic shot-in-the-arm having a positive impact long after the ring first is placed on the spouse-to-be’s finger.

Consider all of the spending that will be involved in constructing the couple’s life together — a place to live, furniture and myriad other things and expenses, not to mention the arrival of children.

The economy does not just thrive on spending associated with the end-of-year holidays, but one last look at the spending that took place merits examination, especially this year.

The news from holiday spending 2023 is upbeat in a big way, although a cautious note needs to be acknowledged about economic expansion during the latter part of this year.

First the good news, as reported on Jan. 18 by the Wall Street Journal. Under the headline “Holiday shopping exceeded optimistic forecasts,” the Journal reported retail sales rose 5.6% from 2022 amid rising wages and cooling inflation.

“Retail sales rose a seasonally adjusted 0.6% in December from a month earlier, the U.S. Commerce Department said (Jan. 17). The larger-than expected gain came after a healthy 0.3% increase in November,” the Journal said.

The Journal quoted Robert Frick, corporate economist with the Navy Federal Credit Union, who said, “Holiday shopping beat usually too-optimistic estimates of retailers. A few months ago it looked doubtful consumers could continue spending at these levels,” but Frick said rising wages and cooling inflation were “bolstering purchasing power.”

The Journal said the Jan. 17 spending numbers keep the Federal Reserve on track to hold short-term interest rates steady at its next meeting, set for Jan 30-31.

Of course, the national-spending numbers don’t address specifically what is or is not happening in the six-county Southern Alleghenies region — Blair, Cambria, Bedford, Somerset, Huntingdon and Fulton counties. It would be interesting to see how this region stacks up against the national picture, but gaining some semblance of that understanding will require more time.

It must be kept in mind, though, that this region has suffered a number of setbacks on the retail front, including the loss that stems from online shopping. U.S. shoppers spent a record $222.1 billion online between November and December, up 4.9% from a year earlier, according to data from Adobe Analytics. That spending increase was driven by discounts and use of “buy now pay later” opportunities.

Then there is that note of caution. According to the Journal, the economic expansion is forecast to slow to a 1% rate this year because the labor market is expected to moderate and consumers and businesses will feel the effects of higher interest rates.

In the end, consumers have boosted their spending, but they haven’t bought an insurance policy against unwanted twists and turns on the economic landscape.