American consumer confidence worsened again this week and was largely driven by rising pessimism around people’s personal financial outlook and the future of the U.S. economy.
Supply chain issues are still top of mind as the winter holidays approach. Right now, half of consumers say they’re expecting price increases to impact their shopping “a lot” this year compared to in past years. Product availability and shipping delays are also presenting challenges to many consumers’ holiday shopping plans.
In fact, rising prices caused by supply chain issues may be contributing to people feeling particularly pessimistic about their personal financial outlook right now, as the two are closely correlated.
Further research shows that inflation – which has risen by more than 5% year-over-year – is also concerning to consumers who are worried about their personal finances. Sixty-three percent of those who say they expect their financial situations to worsen over the next six months are very concerned about inflation in the U.S.
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