Consumers Are Starting to Freak Out

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.2 • 5.8K Ratings

🗓️ 7 February 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Consumer spending accounts for roughly 70% of the economy. So when it slows, the U.S. economy risks a recession. Right now, U.S. consumers are spending less on groceries, travel and dining, breaking into their savings accounts, and putting more on their credit cards. To understand why consumers are pulling back, we sat down with one. Further Reading: - The U.S. Consumer Is Starting to Freak Out - Households Burn Through What’s Left of Their Pandemic Savings Further Listening: - What Walmart’s Aisles Say About the American Consumer - The New Layoff: On a Wednesday On Zoom - What Will the Economy Look Like in 2023? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Last week we asked you a question.
0:08.0	What's going on with your spending?
0:11.3	And we got a lot of answers.
0:13.2	Of the past year it just feels like everything's gotten more expensive.
0:16.0	Instead of eating out three to four times a month, I now only eat out once or twice a month.
0:20.5	We've had to be a little bit more cautious about our spending.
0:24.0	We spend maybe 30% more of the grocery store than we used to.
0:27.1	And I've realized it was getting pretty bad after I had to start using a lot of my credit cards
0:32.9	and not being able to pay them off.
0:35.2	The US runs on consumer spending.
0:37.6	It accounts for roughly 70% of the whole economy.
0:41.2	So when people like you slow their spending, it matters.
0:44.8	New Year's resolution 2023, buy nothing.
0:48.1	We had our own spin on dry January and we started frugal January.
0:52.3	I eat a lot of chicken and I eat a lot of rice.
0:55.6	No breakfast, a light lunch.
0:57.6	I eat a lot of PB&J.
0:59.0	My wife and I are expecting our first child in August.
1:01.8	So we're kind of in saving mode at this point.
1:04.8	I was looking to retire this year, but it looks like it'll be three or four years before
1:09.5	being able to do so.
1:10.9	The only bill I have to worry about out here is my propane.
	...

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