Consumers Have ‘Significantly Different Inflation Experiences’: NRF
Though inflation is at a 40-year high, it’s not hitting everybody the same, said National Retail Federation Chief Economist Jack Kleinhenz Monday. “Headline inflation numbers may mask what is being faced by different consumers since spending patterns vary widely and…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
lead to significantly different inflation experiences,” Kleinhenz said. “What a person buys can have a tremendous effect on how severely the pain of inflation is felt.” Older households spend more on health and medical services than younger households, which spend more on education and tech and streaming services, he said. “Some spending that drives inflation consists of infrequent big-ticket purchases” like a car or a new home, he said. New vehicle pricing was up 12% in January, while used cars were up 41%, he said.