Increased price tags on consumer goods discourage spending
Sandy Magny plans to take her teenage daughter to West Palm Beach, Florida, this summer, even though airfares are surging.
It won’t be cheap, but Magny doesn’t want to miss out on visiting her family. The 40-year-old paralegal, who lives in the Bronx and works in the financial district of Manhattan, is finding there are other things she can do without.
“I do bring lunch more,” she said. “I could make coffee in the office.”
Magny is one of millions of people starting to shift where her dollars go after two years of the Covid-19 pandemic. Consumer prices have increased at the fastest clip in four decades. The cost of everything from housing to a latte is on the rise, begging the questions: When — and where — will consumers cut spending?
Some companies are already feeling the impact as they try to pass higher costs along to customers.
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