Both the poor and rich are cutting back on spending, with 92% of Americans tightening their belts.

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In a drastic turn, US boat sales, once thriving during the pandemic, are expected to plummet to a decade low, driven by the impact of soaring interest rates. The average per-person collection amount has surged from about $1,200 last year to over $1,600 in Q3 this year, signaling intensified financial strain. As 92% of Americans adapt their spending habits and gross domestic product and income diverge to levels not seen since 2007, urgent challenges emerge in the economic landscape.

Compounding the pressure, credit card debt has soared past the $1 trillion mark, reaching unprecedented levels. The Federal Reserve’s assertive interest rate hikes have pushed credit card interest rates to a staggering 21.19%, further squeezing consumers. This economic strain is accentuated by the fact that only 39% of Americans can cover a $1,000 emergency expense.

Consumer spending, a vital economic driver, faces headwinds as nearly all Americans express concerns about the current state of the economy. Despite these worries, a quarter of consumers are partaking in “doom spending,” defying economic and geopolitical uncertainties. Even brands targeting the upper middle class are grappling with challenges, according to reports from Bloomberg.

The prevailing economic conditions paint a challenging picture for the nation, emphasizing the urgent need to address rising debt, income disparities, and bolster financial resilience among American households.

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CNBC: DOOM: “Americans are ‘doom spending’ — here’s why that’s a problem, Nearly all Americans, 96%, are concerned

  • Nearly all Americans are concerned about the current state of the economy.
  • Still, many continue to spend more and save less.
  • “Doom spending” may be one way to cope with stress as economic fears mount, however, it comes at the expense of your financial well-being.

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