Consumers have been firm in spending despite record-high inflation, rising interest rates, and recession fears. The U.S. Census Bureau reported that the overall retail sales in October grew 1.3% from September and 8.3% year-over-year.
Consumers' propensity to spend has undoubtedly been influenced by inflation. However, job growth, rising income, and tapping into savings made during the pandemic have reinforced their ability to spend during these difficult times.
