Posted 12/10/2023, 3:00:00 PM
Consumer Pullback Expected in 2024 After Strong 2023
- Consumer spending fueled strong economic growth in 2023 but signs point to a pullback in 2024
- Higher interest rates reduced discretionary income and ability to take on more debt
- Falling consumer confidence and higher delinquencies signal coming pullback
- Businesses are already seeing pressure on big-ticket discretionary purchases
- Small business owners are preparing for end of consumer spending party by conserving cash and pushing sales