Joe Pinsker

speaker

1,247 appearances 30 recordings 1 series first heard Oct 2022 last heard Jan 2025

Joe Pinsker’s voice in public audio — every appearance, attributed to the second.

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Consumer sentiment has improved in the past two years as inflation has cooled off.

But I think the instrumental thing to focus on in terms of people's psychology is just how prominently inflation looms in people's minds.

Even if their pay is going up

it remains this really powerful anchor point mentally for people to compare back to.

It's a time before the pandemic.

It's also a time before really high inflation.

And it's a time when people felt pretty good about their finances.

So even though it's sort of receded into the past time-wise, it's still pretty mentally present for people.

It's a little bit unbelievable.

A lot of it comes down to inflation.

And so in the consumer sentiment data that we can look at, people are not feeling as good about their money right now as they did in 2019.

But that said...

consumer sentiment really fell to a recent low in 2022.

And it's rebounded quite a bit since then.

So people have been feeling a bit better as inflation has cooled, but the pain is still present, especially relative to 2019.

During the early phases of the pandemic, people's spending contracted.

They had fewer things to spend on and they were able to pay down more of it.

So Americans' credit card debt relative to income actually fell in 2020, in 2021.

But since then, it's ticked back up and it's increased.

But at the same time, it's more or less on par with what it was in 2019.

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