Real income growth, the key to healthy spending, fell again in September.
Consumers continue to spend, but some economists are starting to question how long they can keep it up.
“The recent uptick in purchases may not be sustainable,” said Kayla Bruun, senior economist at market and industry intelligence firm Morning Consult. Households may need to either pull back on spending or rely more on debt going forward, Bruun said in a statement. “You don’t spend forever on your savings. You don’t spend forever on your wealth. You spend in a consistent manner on your income,” Daco continued. As a result, EY’s senior economist Lydia Boussour also called the savings dip “unsustainable,” and said the company’s research team expects “consumers’ spending enthusiasm will dim” heading into 2024.”
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