High Inflation Leads Consumers to Pull Back on Discretionary Spending
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Consumers are moderating spending, becoming more selective, and delaying purchases due to high inflation.
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Retailers say consumers are sticking to necessities and shrinking discretionary spending.
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Consumers are waiting longer to buy things like clothing until necessitated by weather.
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October retail sales declined for the first time since March, with furniture and home furnishings down the most.
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Even retailers beating expectations are seeing moderation in spending on discretionary big-ticket items.