Confidence in the U.S. economy worsened again this week and can be mostly attributed to a significant dip in consumers’ confidence in making major purchases right now.
Further research indicates that it’s actually younger adults (those under 55 years old) who are driving this trend of increased pessimism.
This is no coincidence – the ongoing supply chain crisis is a massive contributing factor. Almost half of the adult population report that they have avoided making a major purchase in the last few weeks due to shipping delays, inventory issues, or price increases. And it’s mostly younger adults reporting that they’ve been holding off on at least one major purchase
While the winter holidays are still over two months away, this same group (younger adults under the age of 55) are still expressing concern that supply chain issues will impact their holiday shopping in the coming weeks.
Another major concern for some adults is the impending return of student loan payments that have been largely frozen since the onset of the pandemic in the United States. Roughly one-in-four U.S. adults are at least somewhat concerned about payments returning in January 2022.
Those who have student loan debt aren’t the only ones who are concerned either. One-fifth of those who don’t hold any student loan debt are expressing concern, perhaps because of the potential implications this could have for the broader economy and/or the impact this may have on a close family member or friend.
Overall, data show that Black and Hispanic adults are especially more likely to feel concerned about the return of payments compared to white adults.
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