U.S. Consumer Spending & Inflation Report: November 2022

Report summary

Morning Consult’s latest economic intelligence offers a mixed bag of hopeful signs and worrying trends. On the positive side, consumers are continuing to spend, and some degree of inflation relief may be in sight. But price growth has a long way to fall to before reaching “normal” levels, and consumers are increasingly relying on savings and consumer credit to fuel spending growth.

Key Takeaways

  • Consumers reported an overall increase in real spending from September to October, though elevated inflation was still inhibiting demand for some categories of goods and services.
  • Easing supply chain and price pressures point to a continued moderation in core inflation over the next month.
  • The October rebound in purchases appears to be fueled in part by both the depletion of savings and accumulation of debt, suggesting current dynamics between prices and spending may not be sustainable.

About the authors

A headshot photograph of Kayla Bruun
Kayla Bruun
Senior Economist

Kayla Bruun is a senior economist at decision intelligence company Morning Consult, where she analyzes consumer spending, inflation and household finance trends, leveraging the company’s proprietary high-frequency data.

Prior to joining Morning Consult, Kayla was a key member of the corporate strategy team at telecommunications company SES, where she produced market intelligence and industry analysis of mobility markets. 

Kayla also served as an economist at IHS Markit, where she covered global services industries, provided price forecasts, produced written analyses and served as a subject-matter expert on client-facing consulting projects. 

Kayla earned a bachelor’s degree in economics from Emory University and an MBA with a certificate in nonmarket strategy from Georgetown University’s McDonough School of Business.

Follow her on Twitter @KaylaBruun. For speaking opportunities and booking requests, please email [email protected]

A headshot photograph of Scott Brave
Scott Brave
Head of Economic Analytics

Scott Brave previously worked at Morning Consult in economic analysis.