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American Consumers Still Have Wallets on Lockdown

As the economy takes small steps towards recovery, many Americans are still monitoring their spending. According to a national poll for Bankrate’s monthly Financial Index, two-thirds of Americans “say they have a reason to limit how much they spend each month.” Of those that limit spending, one-third attribute it to their income remaining stagnant. Respondents also indicated that they are trying to save more, especially millennials.

According to Greg McBride, CFA, chief financial analyst for Bankrate, “sustainable growth in household income is the missing ingredient from this economic recovery, and the leading culprit for why consumers are holding back on monthly spending.”

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About Sara Logel

As NRHA’s market research analyst, Sara conducts organic research and stays abreast of industry trends to help hardware retailers better run their business. Sara also contributes to editorial content in Hardware Retailing magazine. Sara received her B.S. in Marketing and Spanish from Butler University and, after graduation, began her career with NRHA. Sara enjoys traveling, being outdoors and exploring the city of Indianapolis.

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