Despite an overall feeling of being pretty darned broke, Americans are still spending like it’s an Olympic sport. That spending is propping up the economy even though inflation is throwing a wet blanket on everything. Prices are high, savings are low, and summer plans consist mostly of those awesome “stay-cations” that the kids really love.
Here are Five Fast Facts on consumer spending driving the economy:
🔥Bottom line: From an economic point of view, it's great that spending remains strong, but at some point the bill is coming due on an individual level. People are trying to stretch their paychecks by digging into savings, switching to home cooking, hunting for discounts, and using credit cards to cover the gap. It's a bit like playing a game of financial chicken, but raiding your life savings to purchase a gallon of milk and a loaf of bread is definitely a terrible long-term survival plan. Here's hoping for a positive turn sooner rather than later!
Have you changed your spending habits lately?
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