Nondiscretionary items dominate consumer spending amid continued price pressures

By Michael Nocerino

We previously published a report focused on the seasonal post-holiday consumer spending section of our Macroeconomic Outlook, Consumer Spending, Post-Holiday Wrap-Up 2025 survey, which was completed in early January 2025, prior to the official start of the new Trump administration. This report focuses on the broader macroeconomic indicators relating to sentiment, spending plans, household finances and employment.