Reported 4 months ago
Bank of America CEO Brian Moynihan observes that consumers continue to spend on experiences but cut back on everyday purchases, while businesses are cautious in their spending habits, reminiscent of the slower economic growth seen in 2016. As inflation squeezes consumers, they are shown to be shying away from general purchases and opting for experiential spending, as highlighted by high inflation rates in 2024. Moynihan emphasizes the importance of keeping consumers engaged in the economy and points out that businesses are also exhibiting cautious financial behaviors due to rising borrowing costs.
Source: YAHOO