Americans Spend Big Despite Cooling Inflation, Prioritizing Experiences Over Saving
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Despite cooling inflation, Americans spent 5.8% more in August 2023 than the prior year, outpacing the 3.7% inflation rate.
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People are prioritizing experiences and happiness now rather than saving for the future.
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Young people especially are perplexing elders with their spending habits.
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Lower income families are running out of pandemic savings and still spending.
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It's harder for 20-somethings to save now due to student debt, inflation, and a different economic landscape than previous generations.