J.R. Whelan

speaker

21,375 appearances 574 recordings 1 series first heard Oct 2017 last heard Aug 2024

J.R. Whelan’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Americans Are Choosing to Splurge Instead of Save · 6 Oct 2023 podcast

Almost everywhere you go, it seems like things are getting more expensive. voice-verified

The supermarket, the gas station, even going out to dinner. voice-verified

And while that might make some people feel uneasy about their finances, others have no problem splurging on themselves. voice-verified

We'll talk to Wall Street Journal reporter Rachel Wolf after the break. voice-verified

Despite an unsettled economy that in many cases has left less money in people's bank accounts, a lot of consumers are still spending at levels that have surprised economists. voice-verified

Wall Street Journal reporter Rachel Wolf joins me. voice-verified

So Rachel, help us understand this in terms of numbers. voice-verified

How does consumer spending currently compare to where inflation is? voice-verified

What are people spending money on? voice-verified

You mentioned that people are spending on some of these events because of climate change. voice-verified

What do you mean by that? voice-verified

How does the money people allocate for fun and leisure compare with the money they've allocated for longer-term goals? voice-verified

But these purchases can be expensive, and people can see the impact of the current economy firsthand. voice-verified

Anytime they go to the supermarket or fill up their car at the pump, why do they seem to be unfazed by that? voice-verified

Any other people you spoke to give you some insights into their thinking about splurging? voice-verified

It's not unusual for people to prioritize short-term needs and goals above long-term ones. voice-verified

But why do their spending levels concern economists? voice-verified

Are people concerned that they might not be able to splurge like this forever? voice-verified

Rachel, when you spoke to these people, was there a sense that they had any sort of feeling they may have to pay the piper later on because they're spending like this when things are getting more and more expensive? voice-verified

Sounds like the acronyms FOMO and YOLO go in the category here. voice-verified

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