Part 3/8:
According to recent data, consumer spending has experienced its most significant decline in four years, with a drop of half a percentage point. This drop is troubling for retailers who rely on consistent consumer spending to thrive. As people grapple with rising inflation, many are tightening their belts and finding ways to cut costs.
For instance, recent anecdotes from families indicate a growing struggle to make ends meet. One family of six in Oregon illustrates this point starkly. With an income of $65,000, they rely on side hustles and strict budgeting to barely manage their living expenses, highlighting the growing problem many families face as income does not keep pace with rising costs.