Lower Inflation Boosts Spending Power for Low-Income Earners
• Research shows declining inflation benefits low-income earners, putting them in better position to boost consumer spending
• Lowest earners currently seeing highest real wage growth around 3%, vs 1% for highest income
• Lower costs for essentials like food & gas most beneficial for low-income spenders
• Low-income consumers spend more paycheck back into economy, so wage growth fuels consumer spending
• Falling rents also expected to benefit low-earners in 2024