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Are Are recession fears affecting US consumer spending habits

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Mallgoers Take a walk around City Creek Center In Salt Lake City On Dec. 17, 2022. According to data reports, a run of robust consumer spending in the United States appears to be ending. (Ben B. Braun, Deseret News)

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SALT LAKE CITY — U.S. consumers have flummoxed economists for most of the past year with their decidedly split personalities when it comes to robust spending habits measured alongside their increasing pessimism when it comes to the economy.

While The 2022 spending trend was stable, as were consumer attitudes. University This is Michigan Index This is Consumer Sentiment In 2022, the market experienced an 18-point drop in value compared to the previous year. It is now much lower than its pre-pandemic level.

“We were surprised, too, that consumer confidence is not highly correlated, at least for the past few years,” Jonathan SilverCEO and founder, consumer purchase data platform Affinity Solutions, at a National Retail Federation Conference in New York This month, per Axios.

That A pandemic stimulus fund has helped to boost U.S. household savings up to $2.3 trillion in 2021. This is according to An October Report 2022 from the Federal Reserve. And Although a significant portion of this savings (around two-thirds) is still in the banks for most households, there are some cracks in how and where consumers spend their hard-earned money as recession worries continue.

Here Here are some data points that reflect what is happening in consumer habits right now:

  • Upticks Consumer debt accumulation and decreases in personal savings rates (now hovering at 2.3%, which is the lowest in decades) could also be contributing to these concerns.
  • An insight survey of shoppers from Acosta 61% said they eat at home less, while 52% reported that they spend less time on entertainment.
  • U.S. Retail sales dropped in DecemberThis is the third drop in just four months. Back In October, Wells Fargo According to economists, the 2022 holiday season could be a coda. This would mark the end of the streak in teflon coated consumer spending rates.
  • “Now more than halfway through January, attention shifts to what this means for consumption in 2023,” Wells Fargo In a report last week, economists wrote. “Essentially, after pandemic-era stimulus and excess cash have boosted goods consumption the past few years, we expect it’s becoming more challenging for consumers to maintain such a robust pace of spending.”
  • A new report by Morning Consult It was said that December Shown Inflation slowing Consumer spending fell 4.3% for the sixth consecutive month. December.
  • “Heightened budgetary pressures brought on by persistently high inflation are forcing trade-offs for consumers, leading to reallocation across categories,” According to the report.
  • It It should be noted that “consumers across all income groups reported gradually weakening financial conditions.”
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