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U.S. Consumer: What’s Coming for Spending in 2023?

Thoughts on the Market

CHAPTER

Introduction

The US consumer was extraordinarily strong in 2022, despite negative real disposable income growth. Consumers tapped their excess savings pretty significantly, and we estimate that the draw down was roughly 30% from its peak. When we look into 2023, we don't think consumers are going to be tapping into their savings reserves quite as much.

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