February 02, 2023

Study: Consumers Skittish on Spending in 2023

While retail’s share of the consumer’s wallet has reverted back to pre-pandemic levels — with 2022 consumer retail spending increasing 22% over 2019 — personal savings rates have continued to decline. Strong labor markets and a growth in wages have helped consumers maintain spending on discretionary items until now, but a new study released by the National Retail Federation and Affinity Solutions paints a less optimistic picture of the year ahead.

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