Consumers See Prices Rising But Plan Big Purchases Anyway, Bank of America Says | Global News Avenue

According to the latest US monthly consumer survey, Americans expect to pay more for everyday items, but plan to make more purchases anyway.

Bank of America said in a March survey that shoppers are seeing fewer discounts and are expected to pay more for staples such as groceries. Research supports us Retail data Released yesterday, showing signs of consumer pressure. Retail spending rose 0.2% from 0.2% in January, less than 0.6% of monthly growth forecasts, according to the Census Bureau.

The survey found that nearly 40% of Americans surveyed expect to spend more on groceries over the next three months. Half of the low-income respondents expect larger grocery bills next year, the highest recorded since the Bank of America began its survey in December 2020.

More and more people plan to buy home or new equipment, the survey says

Bank of America said that despite a tighter budget, more consumers said they plan to make large purchases than they were a year ago. About 31% plan to invest in home renovations over the next three months, up from 27% last year. The survey found that over the next 12 months, the number of people planning to buy new homes or furniture or have children also increased.

More than 40% of surveyed consumers plan to buy new cars next year. Americans have been sticking with longer cars due to rising prices. Average age of cars on the roads recently Fight for 14 yearsAccording to Apollo Global Management.

See tariffs in China, Canada and Mexico Increase car price by 6.1%According to Yale University’s budget lab. They wrote earlier this month: “Suppose the average selling price is $48,000, which translates to an additional $2,900, although the actual effect depends on the exposure of different models to parts and production in Canada, Mexico and China.”