10
Many consumers appear to be worse off in 2023 than
in 2022, according to a comparison of respondents'
spending habits.
Vacation and travel experienced the most dramatic
spending decrease, falling from 52% last year to 31% this
year, which perhaps indicates a more cautious approach
to discretionary spending. Spending on new or existing
homes saw a notable decline, too, dropping from 18%
last year to 9% this year, suggesting a possible shift in
housing market dynamics or consumer priorities.
Moreover, there was a significant increase in the
percentage of respondents who reported no additional
spending in any category, rising from 12% last year to 21%
this year.
Deflated Consumer
Spending Ahead
