Americans are still spending amid high rates of inflation. YPulse research shows that 43% of young consumers say we are currently in a recession, and after months of not feeling there’s been improvement, their increased worry has led the economy to become the fifth on the top ranking of social causes / issues they’re passionate about—and yet, they’re still shopping. According to the Commerce Department, “personal spending rose 1.8% in January,” as U.S. consumers splurged on goods and services like going out to eat or the movies. Experts attribute a portion of this to making up for lost time during the pandemic. People who put off traveling or going out over the last few years are spending on it now, and experts predict there will be a shift from spending on things to spending on experiences. For example, vacations to Las Vegas jumped over 20% in 2022. But restaurant owners and even big box stores like Walmart are projecting only “modest sales growth this year”—Walmart noted how “shoppers are increasingly focused on basic necessities like groceries, while limiting spending on more discretionary items.” (NPR)
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