According to Northwestern Mutual’s “2023 Planning & Progress Study,” about 67% of US adults are expecting a recession to hit later in 2023 and are adjusting their spending accordingly, INSTORE Magazine reports.
In the face of higher prices of everything from gas to groceries to housing, Americans are deciding against eating out, buying new clothes, attending concerts. Others are putting off large purchases, like home remodeling or a new car, in the face of economic uncertainty. Gen Z consumers, many now in their early adulthood, are “learning how to prepare for the long-term risk of the first sustained economic downturn in their young professional lives,” Christian Mitchell, Chief Customer officer at Northwestern Mutual, said.
Find the full Northwestern Mutual study here.