US Consumers Are Just Bored, Not Strapped
Retailers say customers are starting to tighten the purse strings. That may be due less to shoppers feeling stretched and more to a sort of post-pandemic hangover.
Shoppers are fatigued.
Photographer: Scott Olson/Getty Images
Flush with government stimulus checks and little else to do, Americans did what they do best during the pandemic: shop. In short order, consumers were up to their ears in “stuff” — exercise bikes, big-screen TVs, yoga pants, patio sets — you name it. And now, the nation’s largest retailers say that they are seeing a slowdown in spending, which many are interpreting as a sign that consumers are finally cracking or pushing back against inflated prices. Sounds reasonable. But maybe there’s a another explanation: consumers are just fatigued, not strapped.
How many lawnmowers or laptops or couches can one household own? Plus, travel and leisure spending is booming, which goes against the idea that consumers are on the defensive. Whatever is going on, it’s clear that the shift in consumer behavior points to larger challenges facing the retail industry, and that is finding ways to capture the attention of bored and over-shopped Americans.