Posted 4/15/2024, 9:39:26 PM
Consumers Defy Predictions, Spend Freely Despite High Inflation
- Forecasters have underestimated consumers' willingness to spend money despite high prices and interest rates
- Hotter consumer spending has kept economy growing, boosted jobs, and stoked high inflation
- Consumers not cutting back on dining out as expected, defying economic models
- People spending more in general than economists predicted they would
- Consumers using savings, credit cards, and alternative financing to maintain lifestyles amid rising prices
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