Consumer Economic Pulse
The number of Americans who believe the country is currently in a recession has increased, and returned to levels last seen in January of 2023. The latest period of tracking has also seen a decrease in affordability, with more Americans noting an inability to pay their expenses altogether.
Are we in a recession? Entering one? Exiting?
One in four Americans have switched grocery brands in order to save money this month, and nine out of ten have made at least one change in their grocery shopping habits. Seeking out special deals remains the top method of saving money, and this month has seen an increase in those switching to discount or store brands, as well as those switching to value-based grocery stores.
Compared with last holiday season, half of Americans indicated they spent less this year. While travel and experiences/events were both areas that Americans anticipated spending the most money in November, they ended up spending significantly more than expected. One in four Americans incurred additional debt as a result of holiday spending in 2023, consistent with the 2022 holiday period.