Despite an overall easing in consumer confidence in August as inflation and interest-rate expectations rose, many households are still buoyed by the healthy labor market and excess savings.
That said, it’s not clear how long the elevated spending can last. Consumers are already turning to credit cards as savings tick down and retailers have warned of trouble ahead. What’s more, international airfare prices are expected to stay elevated, which could also impede further spending.
“Consumers have shifted their spending toward experiences, which are easier to finance with credit cards,” Bloomberg Economics’ Eliza Winger wrote in a note Tuesday. “We expect consumer spending to run out of steam ahead, reflecting deflating confidence about future job availability and incomes.”
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