But, in fact, recessions are fairly common and prior to Covid, there had been 13 of them since the Great Depression, each marked by a significant decline in economic activity lasting for several months, according to data from thePrepare for budgets to get squeezed, Harris said. For the average consumer, this means"they eat out less often, they replace things less frequently, they don't travel as much, they hunker down, they buy hamburger instead of steak.
While the impact of a recession will be felt broadly, every household will experience such a pullback to a different degree, depending on their income, savings and financial standing."If they expect they will be forced to cut back, the sooner they do it, the better off they'll be," Harris said. That may mean cutting a few expenses now that you just want and really don't need, such as the subscription services that you signed up for during the pandemic.
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