The credit expert and author discusses a report that suggests how U.S. citizens are being forced to lighten up on their spending.
Just when it seemed like the U.S. was getting back into the swing of a regular economy, it appears that wallets are tightening up yet again.
A new report from CNN has revealed that consumers are looking to spend less on away-from-home entertainment and vacations, in an effort to save up for the remainder of the year.
This comes from the 2024 KPMG Consumer Pulse Survey that was recently conducted, which notes that Americans will likely reduce monthly spending in various areas, including dining out (down nine percent), entertainment (down eight percent) and travel and vacations (down seven percent).
It’s a huge change from last year’s spending around the same time, but there’s a reason for it. Duleep Rodrigo, who serves as U.S. consumer and retail sector leader for KPMG, notes, “Consumers are tightening their belts another notch as they hunt for discounts, and even some essentials are being impacted.”
Why the change? Likely due to inflation, not to mention the fact that the Federal Reserve is in need for a much deeper cut. And the high pricing of items like gas and even certain food items certainly doesn’t help.
Could this trend continue? Joining us today is Dr. Michael Grayson, a renowned credit expert and advocate, to discuss the matter. His knowledge in all things investment and planning for the future make him an ideal guest for this show. Welcome, Michael!
Q&A:
- Do the results of this KPMG survey surprise you, or does it sound about right that Americans are trying to save money on lavish spending this summer?
- How much of an effect does inflation and the economy as a whole have when it comes to this level of spending?
- Why is there such a big change now compared to last summer? Is it mainly due to the Federal Reserve? Or is it something else?
- Could this trend continue heading into next summer? Are Americans likely to spend even less money then? Or does it depend on the market?
- Tell us more about the company you founded, CDMI, and what services it can provide for others.
- Where can we find more information about CDMI?
- You can visit the official website at https://www.cdmicredit.org/.
About Dr. Michael Grayson…
Dr. Michael Grayson is a credit expert and advocate with extensive experience in credit repair and financial literacy. He has dedicated his career to helping people and businesses navigate complexities of the credit system. Dr. Grayson is known for his tireless advocacy for consumer rights and his efforts to expose and rectify injustices within the credit reporting industry.
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