Consumers are the backbone of the US economy and have been the primary source of economic growth for nearly a century. In fact, consumption has been a growing contributor to economic activity, even during times of recession. Despite inflationary pressures, consumption has proven to be a boon to the economy following the pandemic. Several factors have contributed to this surge in demand, including long-term demographic changes, differences in spending by income distribution and broadly rising wealth levels. The question is, can these forces continue to fuel consumption growth going forward?
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