Part 5/9:
Recent research highlights a significant drop in consumer confidence, indicating a collective pessimism about future economic conditions. According to a consumer confidence index, February marked the largest monthly decline since August 2021. Many consumers worry about job security and the prospect of recession, leading to increased savings and cautious spending behaviors. Major purchases, particularly those involving home improvements or renovations, are likely to be shelved as households retrench in response to economic uncertainties.