Rise of Hate Spending: Americans Detest High Prices but Keep Shopping
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Despite hating high prices, Americans continue to spend heavily. Retail sales in March were higher than expected, indicating that consumers are still the driving force behind the economy. The surge in hate spending can be attributed to factors such as financial stability, resignation to the state of financial affairs, and the desire to live it up after the pandemic. While lower-income households may be struggling, Americans as a whole are in good financial shape. The misalignment between people's stated attitude toward prices and their actual behavior can be attributed to a decoupling between their current situations and their feelings about the future. Additionally, consumerism and the desire for status play a role in hate spending. People are willing to splurge on experiences and luxury items, even if they are more expensive than before. The article suggests that moderation in spending may be on the horizon, but it is unclear when that will happen.

#ConsumerSpending #HighPrices #RetailSales #Inflation #Economy

https://www.businessinsider.com/hate-spending-consumers-economic-sentiment-retail-sales-inflation-gdp-growth-2024-4