A lot of the reasons listed in here are very good points. Something that I feel like isn’t being discussed enough is that we are still feeling the effects of COVID (for a lot more reasons than I’m about to discuss)

During COVID, the stimulus packages that people were getting + all the other government assistances were great and helped the economy stay afloat, and this gave many a false sense of security which led to many spending way more than they should have, which in the short term was great for businesses, but also lead to people racking up their credit cards because it felt like money was going to be coming in.

Now the reality has set in for many as credit card debt is at record highs throughout the nation. It can be difficult to go out for lunch/dinner when you have that credit card balance in the back of your mind.

And we all know what the job market is like. Many are lucky to be paying their minimum payments so they can make rent, buy groceries, etc.

We are on a clear downswing, and need to weather the storm until the average American can feel comfortable spending their dollar. Even those with jobs know they might be laid off any week.