Credit card spend data analyzed by Barclays revealed both high and low-income Americans have begun pulling back on routine spending. Airfare bookings have slumped by 2.3% as ticket prices have skyrocketed. Retail sales slowed for the first time in 2022 last month. economy, held strong during April, analysts predict the spending streak is coming to an end. Although consumer spending, which makes up more than two-thirds of the U.S.
Americans have cut back on retail spending amid all-time high inflation rates.
