Consumer Watchdog Director Teresa Murray says people are saving more of their disposable income than spending it. Right now, she says the personal savings rate is at a 3.4%.
According to Consumer Watchdog Experts, the personal savings rate in the U.S. is at 3.4%, which they say is a significant increase from September.“There are days where we’re kind of just sitting here, staring at each other, wishing that more traffic was coming through downtown,” said Downtown Cleveland’s Zanzibar Soul Fusion Executive Chef, John Russell.
“Inflation going around, people are scared about, you know is this going to continue, is this going to end soon, so they want to try and save their money a little bit more,” Russell said. Along with Russell, Murray says rising costs in gas and food is a big reason people are being cautious with their money. She also points to increased mortgage rates.
While Murray says it’s a good sign people are saving their money, she says this means businesses and restaurants will have to work harder to attract customers’ attention, like Zanzibar offering different specials around the holidays.
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