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Consumer Sentiment Takes a Hit in September
Consumer sentiment took a hit in September, according to multiple measures. The Morning Consult/Axios Inequality Index showed that consumer sentiment fell 4.3% for higher-income households, 2.8% for middle-income households, and 0.5% for low-income households. The Conference Board’s measure for consumer confidence also fell for the second straight month and is now at a four-month low.
Economists say that the recent reversal in gas prices (heading up) and in the stock market (heading down) are weighing on consumer sentiment. So is the continuing reality of living in a higher-price world.
Inflation is playing a big role in the decline in consumer sentiment. Though the rate of price increases has come down from the highs we saw last year, prices are still higher overall.
The decline in consumer sentiment is a cause for concern, as it could lead to a decrease in spending. This could have a negative impact on the economy.
Here are some things that consumers can do to cope with the high cost of living:
- Create a budget and track your spending. This will help you to identify areas where you can cut back.
- Shop around for the best deals on groceries and other essentials.
- Take advantage of coupons and discounts.
- Cook at home more often instead of eating out.
- Reduce your energy consumption.
- Look for ways to earn extra money.
It is also important to remember that you are not alone. Many people are struggling with the high cost of living. There are resources available to help you, such as government assistance programs and food banks.
