Reported 26 days ago
According to Bank of America Institute's senior economist David Tinsley, consumer spending is shifting towards experiences, with a notable increase of 0.9% year-over-year in August following a decline in July. This resurgence is particularly evident in tourism, with events like the Olympics and artist tours driving activity domestically and internationally. Although there are emerging concerns about rising auto loan payments due to higher interest rates, higher wages and increased consumer cash buffers suggest a resilient spending outlook for now.
Source: YAHOO