Strong consumer spending remains crucial for the U.S. economy, but a tipping point may be on the horizon.
The constant hum of the American consumer machine is displaying a degree of resilience that is puzzling economists.High borrowing costs, a product of the Federal Reserve's interest rate hikes, haven't deterred American consumers from robust spending. Yet as seasons transition, there's an underlying concern about the sustainability of the current spending momentum.
Ninety-two percent of respondents noted reduced spending over the past six months, despite a growing economy. With the holiday season on the horizon, more than 75 percent of consumers intend to curtail non-essential expenditures, a potential red flag for industries banking on festive shopping.
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