Discussion Paper

Are Customers Pulling Back on Spending? Evidence From the Richmond Fed Business Surveys

Abstract: In the last few years, consumer spending in the United States has been remarkably resilient. In our August business survey, we sought to understand if Fifth District firms have recently experienced softening demand for their goods or services. A majority of firms reported that over the past three months, customers decreased the amount of goods and services purchased — both in quantity and in dollar amount. The survey also found that demand has softened more for manufacturers and retailers than firms in other industries. Additionally, firms reported that lower-income customers pulled back on spending more than higher-income customers.

Keywords: 5th district; Consumer Spending;

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2024-08-29