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Consumers may have a chance to earn a boost to their holiday spending with Tuesday's Mega Millions jackpot, which is currently estimated at $400 million.
Tickets are available for purchase at participating locations until 10:45 p.m. and the drawing will start at 11 p.m. ET. No one struck the jackpot after Friday night's drawing, but two players—one from Pennsylvania and one from California—did win the second-tier prize, equaling $4 million each.
The winning numbers on Friday were 8, 19, 53, 61 and 69. The Mega Ball was 19, and the Megaplier was 4x.
According to a release from Mega Millions' site, 28 tickets have won prizes worth $1 million or more since the last jackpot—worth $494 million—was won on October 14.
Even some of the smaller Mega Millions prizes could offer relief for holiday consumers as the Consumer Price Index sits 7.1 percent higher than last year's gift-giving season with less than two weeks to Christmas Day.
According to the Bureau of Labor Statistics, food prices were up 10.6 percent year-over-year in November, and commodities outside of energy and food rose 6 percent annually.
Many Americans have indicated that economic concerns are at the top of their minds heading into the holidays. One survey from November found that roughly 69 percent of shoppers were planning on "cutting back" on their spending over fears of a global recession, and 67 percent indicated inflation as their top concern.
But consumer spending has stayed strong compared to past years, including during Black Friday weekend, which often kick-starts many people's holiday browsing.
USA Today reported that online spending was actually up 2 percent year-over-year on November 25, and Cyber Monday sales rose by 6 percent compared to last year, citing data from Adobe Analytics.
The National Retail Federation (NRF) had predicted "healthy holiday sales" in early November, and added that many consumers were likely turning to savings accounts or credit options to "provide a cushion" among rising prices.
"While consumers are feeling the pressure of inflation and higher prices, and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce," NRF President and CEO Matthew Shay said in November's report.
An additional interest rate hike could deter shoppers from relying on credit options in the few weeks before Christmas, however, as the Federal Reserve Board meets over the next few days.
Federal Reserve Chair Jerome Powell said at the previous meeting that December could be the time for "moderating the pace of rate increases." However, Powell added that it was "likely that the ultimate level of rates will need to be somewhat higher" than originally anticipated, reported USA Today.
Newsweek has reached out to the NRF for comment.
About the writer
Kaitlin Lewis is a Newsweek reporter on the Night Team based in Boston, Massachusetts. Her focus is reporting on national ... Read more