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U.S. Consumers Will Be Spending Much Less This Holiday Season Because Many Of Them Are Already Tapped Out
Francesco Abbruzzino, The Uncensored Report, LLC
This holiday season is certainly going to be far less jolly for millions of Americans. Yesterday, I detailed 11 signs that economic activity in the U.S. is rapidly declining. Well, today we have gotten even more bad news. Thanks to deteriorating economic conditions, Americans plan to buy a lot less stuff this holiday season. In fact, one survey that was just released has discovered that approximately half the country plans to “buy fewer things” this year…
Inflation is weighing heavily on the holidays this year.
Roughly half of shoppers will buy fewer things due to higher prices, and more than one-third said they will rely on coupons to cut down on the cost, according to a recent survey of more than 1,000 adults by RetailMeNot.
Normally, if cash is tight Americans will just load up their credit cards during the holiday season.
But for many people that simply won’t be possible this year.
Millions upon millions of us are already completely tapped out, and credit card balances have surged to a brand new record high…
Credit card and personal loan balances have reached record highs in recent months as an increasing number of consumers lean on such means to combat growing financial pressures caused by sky-high inflation.
According to TransUnion’s Quarterly Credit Industry Insights Report (CIIR), bankcard balances rose 19% during the third quarter from a year ago, reaching a record $866 billion. This was driven heavily by a growth in Gen Z and Millennial borrowers whose balances increased 72% and 32%, respectively, according to the report.
A lot of Americans have already been heavily leaning on their credit cards just to survive from month to month in this harsh economic environment.
Now that balances are so high, there simply is not a lot of room for additional spending.
Women usually do a great deal of the holiday shopping, and another recent survey discovered that they are even more concerned about inflation than men are…
Rising prices are taking a toll on everyone right now, but a new study shows women are feeling the pain more than men – and it is the primary money woe keeping ladies up at night.
Research from Fidelity Investments found that inflation is currently the top financial concern for U.S. women, with upwards of 70% citing it as their main worry. Respondents listed the costs of essentials as the second-biggest stressor (65%), and another 58% expressed worries about not having enough saved for emergencies.
The cost of living has become extremely oppressive, and this has greatly reduced the amount of money that Americans have available for discretionary spending.
As a result, businesses all over the nation are struggling.
The NFIB’s Small Business Optimism Index just dropped again, and inflation continues to rank as the number one concern…
According to the National Federation of Independent Business, 33% of small business owners cited inflation as their most important problem in October. That number is three points higher than was reported in September.
The NFIB’s Small Business Optimism Index dropped 0.8% to 91.3 in October, marking 10 consecutive months it has remained under the 49-year average of 98.