After a year of strong retail sales, consumers are starting to feel the impact of inflation and real income as it materializes across the economy.
After a year of strong retail sales, consumers are starting to feel the impact ofRetail sales dropped 1.9% at the end of 2021 as rising costs weakened holiday spending. Although some experts argue that holiday sales began earlier this year to avoid supply chain snarls and shipping delays, theThe slump in sales not only manifested in retail stores but also non-store retail, which plummeted 8.7% month-over-month after a slower 1.5% decline in November.
Part of the shift in sentiment surrounding financial situations can be attributed to price hikes, which are starting to become more tangible, according to James Knighley, chief international economist at ING. With the median household income falling 3%, while the overall cost of living is up 7%, according to the latest CPI report, "it's harder to afford everything you need every day, not just groceries and gas, but bigger things like housing and medical expenses," Rathner said.
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