Fourth wedding in three days (FG Trade/Getty Images)
Three weddings and a bar mitzvah... Dance floors and open bars have prevailed over Zoom ceremonies and seltzer cans. 2022 is shaping up to be the "catch-up year," as Americans spend big on experiences they missed over the pandemic. Inflation has been more persistent than Elon trying to buy Twitter, but consumers have shrugged off high prices, which hit a fresh 40-year high (again).
Salmon or short rib?... Too many RSVPs. The "catch up" craze means that all the nixed celebrations are roaring back:
Playing catch-up could fizzle out… The Fed’s betting it can slow inflation without causing a recession, but that’s TBD. If it tightens its belt too aggressively, Americans could tighten their wallets (recession wedding = not ideal). Meanwhile, consumer confidence dipped in April as Russia’s war, China’s Covid crackdown, and swinging oil prices all heightened econ worries. People have already started spending less on online shopping, appliances, furniture, and cars. If high inflation keeps up and savings run dry, they could cut back on experiences too.