00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Consumer spending is shifting as households cut back on goods where prices have risen fastest
00:07while maintaining spending on services and experiences, according to the Wall Street Journal.
00:12Inflation-adjusted spending on clothing fell about 7% as prices rose 9%,
00:17while furniture spending dropped 5% as prices increased 7%,
00:21and sporting equipment fell 6% with prices up 16%.
00:26Economists said goods spending is weakening as prices rise,
00:30with consumers showing resistance to further increases.
00:33At the same time, spending on travel, financial services, and health care remains steady.
00:39Retail sales rose in March, supported by higher gas prices and tax refunds,
00:43though economists said slower income growth and rising prices could limit future spending.
00:48For all things money, visit Benzinga.com.
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