Thrifty Shoppers Opt for Used Goods While Awaiting Price Cuts on Big Purchases in 2024

Consumers opted for more secondhand purchases in 2023, with 43% buying used items to save 30-35% compared to new. REI saw a nearly 100% increase in secondhand outdoor gear purchases.

Major purchases like homes and vehicles stalled in 2023, but are poised to rebound in 2024 as prices and interest rates fall.

42% of drivers are considering a new or used car purchase in 2024, nearly double last year's 23%. Low prices and rates would spur more buyers.

Home purchases are expected to rise 12.1% in 2024, with hot spots in more affordable markets like California and Florida.

Retail sales rose 0.6% in December 2023, signaling a possible rebound in 2024 if inflation falls further and rates are cut.