Consumer spending in the US has taken a hit for the second consecutive month as the latest retail sales data from the US Census Bureau shows that consumers pulled back on their spending in March.

The decline in spending is seen across several categories with clothing and accessories stores being hit the hardest, slipping 1.7% month on month and 1.8% from a year ago. Spending on electronics and appliances was also down 2.1% month over month, while furniture and home furnishings dropped by a respective 1.2% and 2.4%.

Overall, spending declined 1% month over month on a seasonally adjusted basis, following a 0.2% decline in February versus January.

The research from PYMNTS suggests that this pullback in consumer spending is due to the average consumer not expecting inflation to return to normal until the end of 2024.

By Fashionating World
https://www.fashionatingworld.com/new1-2/us-clothing-accessories-stores-hit-hardest-as-consumer-spending-drops-inflation-concerns-linger