Consumers with credit card debt outspent at non-discretionary retailers as much as, if not more than, discretionary retailers, which continued into the holiday season.
Driving this increase could be depletion of stimulus check payments. Government assistance during the pandemic initially buoyed debt paydowns in 2020 and 2021, possibly depressing spending by former debt-holders. Now that most stimulus programs are over, consumers are again increasingly moving into debt.
This all suggests that consumers are turning to debt even when it comes to more needs-based goods and perhaps therefore appropriately starting to pull back on discretionary purchases.
To learn more about the data behind this article and what Earnest Research has to offer, visit https://www.earnestresearch.com/.
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