The Conference Board’s Chief Economist said there are “significant roadblocks” ahead that could cause consumers to cut back on their spending this fall. The board’s Dana Peterson made that comment earlier this week on CNBC’s “Small Business Playbook” virtual event.
“For the first time in a long time, consumers are saying that their current situations and their expectations for the future are very optimistic,” Peterson said. “For most of this year, consumers were saying right now is okay, but we’re worried about the future; we think a recession is coming.”
Peterson sees three major areas of concern. The first relates to the aggressive interest rate hikes made by the Federal Reserve over roughly the past year and a half.
Second, pandemic-era savings that are already being depleted are likely to be exhausted during the upcoming fall.
Third is the restart of student loan payments, which will cut spending. Loan payments will be due in October, according to the U.S. Department of Education following a three-year pause. It is estimated around 40 million Americans have debt from their education totaling nearly $1.8 trillion, and the typical monthly bill is $350.
“Certainly, for the second half of the year, we’re going to see slower consumer spending,” Peterson said.
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Ready to Relocate? Wilkerson Makes Your Move Seamless
When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time.
"We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them.
Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."
