NEW YORK—With plenty if debate among economists around when U.S. consumers would run out of steam once and for all, Citigroup CEO Jane Fraser is saying “the time is nigh.”
“Experts have been shocked by the resilience of shoppers, who have continued to spend despite their wallets being pushed to the ‘point of pain’ as the Fed hikes rates to their highest figures in more than two decades,” Fortune reported. “But whether it was ‘YOLO (you only live once) spenders’ propping up the economy, or people splashing the last of their pandemic cash, it seems the war chests have at last run dry.”
More Scrooges Ahead?
With Christmas around the corner it seems consumers are at last scaling their spending back, Fortune added.
Citigroup’s CEO Jane Fraser said “cracks” in consumer spending are most notable among those on the lower end of the ladder.
CUToday.info has related reporting on analysts who agree and disagree with that view.
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