Wages can't keep up with prices, and Americans are finally waking up: keep spending like this, and their wallets may really flatline!

Economists discussing consumption like to study interest rates, growth rates, and market expectations; ordinary people discussing spending just need to open their mobile banking app and glance at their balance—the world immediately goes quiet.

U.S. consumer confidence is near a historic low, and one unavoidable issue behind it is the pressure from the cost of living. Rent, food, insurance, medical care, and loans can all take up a significant share of a household budget. Even if wages rise somewhat, that doesn't necessarily mean life gets easier. If income grows slowly while expenses ride an elevator upward, households will naturally feel increasingly squeezed.

At times like this, consumers switch into “penny-pinching mode”: at the supermarket, they pick only discounted items; before buying big-ticket items, they compare prices at three stores; and they use their credit cards as little as possible. Shopping used to be about enjoying life; now it feels like taking part in a math competition, with every item requiring a cost-benefit analysis first.

More importantly, rising prices and falling consumer confidence are not exactly the same thing. Even if inflation slows, prices may not return to where they were before. In other words, prices are just rising less quickly; that doesn't mean life has become cheaper.

This explains why some economic indicators may still look okay, while ordinary people may feel quite bad. Statistics describe the average situation, but household budgets record the expenses that actually occur each month.

Of course, it's not comprehensive to attribute every problem to prices. Job prospects, income growth, interest rates, and household debt also affect spending decisions.

Consumers aren't naturally averse to spending; they just don't want to hand over the next few months' wages to today's bills in order to maintain appearances.

When saving money shifts from a lifestyle habit to a survival strategy, restoring consumer confidence probably can't rely on a few optimistic slogans alone.

$TSLA

‌#美国消费者信心接近历史低点