In its second quarter Consumer Pulse Study, TransUnion noted that 56 percent of respondents had chosen to put more money into their emergency funds, which may signal a halt in revenge spending, or the phenomenon wherein people spend excessively after a period when they had limited opportunities to do so, such as during the COVID-19 pandemic lockdowns.The costs of basic goods and necessities are also seen to burn a deeper hole in the consumers’ pockets. Inflation hit a three-year high of 6.
Some 43 percent of survey respondents saw better household income, but they decided to lessen discretionary spending, like dining out and traveling. Those from the Gen X and baby boomer generations “reported cutting back the most.”
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