The document is a detailed analysis by Accenture's Macro Foresight team on the impending consumer spending downturn. It outlines the following key points: Executive Summary (2022 Insights): Despite the boost in consumer spending from economies reopening post-pandemic, a deepening cost-of-living crisis is emerging. Consumers have managed by using savings, downgrading to budget products, and reducing spending on interest-sensitive big-ticket items. The US showed resilience in spending. 2023 Forecast: An inflection point is anticipated, with prior savings and spending trends overshadowed by inflation, high interest rates, and increasing economic uncertainty. A significant reduction in consumer spending is expected, disproportionately affecting lower-income and younger consumers.

Join for free to read