Consumer Spending Cools as Shoppers Tighten Belts Amid Economic Uncertainty
• Retail sales declined in October for the first time in 7 months, signaling consumer spending may be slowing • Spending intentions plunged in October, with consumers expecting to spend 18% less over the next 4 weeks • Consumers are being more frugal with groceries, trimming costs even on essentials • Financial well-being index fell to a 12-month low in October as consumers feel worse about finances • Only 40% believe they’ll have enough money to “live their best life” in 5 years