The experts say no recession is in the pipeline but consumers are spending less and sales percents are higher just like in 2002.
By Yvette E
The tariff taxes have hit companies hard and they have passed that cost to the consumer resulting in consumers buying less and creating a ripple effect. When consumers panic, retailers panic which is the same thing that happened during the Great Recession.
Wildly high sale percentages and deals plus closing stores marked the beginning of the last Great Recession and we are already taking notice.
Here are 3 things to do now to get ready:
- Buy current styles at low prices and don’t care about seasons.
- Pay off outstanding debts. Try to curve out a deal with debtors to pay less now so save money in the long one.
- Get your monthly payments down to a minimum and trybto spend less.
It’s time to start saving because that storm is on the horizon.
What do you think? Is another big recession on the way?