At the same time, 35% say they’ll spend less, down two points as well.
However, prices were up a cumulative 22.2% in November of this year compared to January 2020, according to the latest Consumer Price Index, which tracks price changes of commonly purchased goods and services.
How many folks got a similar raise in income?
Nearly 30% of all US households this year said they spend more than 95% of their disposable income on necessities such as housing costs, groceries and utility bills, according to a Bank of America Institute report, up from 2019 levels. That share is higher, at around 35%, for households making less than $50,000 a year.
The January quarter is traditionally the slow quarter of the year. Once holiday orders are shipped you expect employers to trim their temps. Trucking and railroad business slows. Lay offs are common.
Fertilizer will be moving. Easter sales and graduation gifts are ahead. After Valentines and St Patricks. Winter vacation time. Sports. Football. Hockey. Time to recover from the holidays. Not a time for big spending.