Consumers are so demoralized by inflation and high rates that they’ve given up on saving for the American Dream and are spending money instead, economist says
Despite ongoing consumer pessimism, spending remains surprisingly robust. Economist Joanne Hsu, director of the University of Michigan’s consumer sentiment survey, provided insights into this paradox, attributing it to a shift in consumer behavior driven by high prices and interest rates. Key Points Americans are abandoning traditional saving goals due to perceived unattainability. Aspirational goals such …