I own a hair salon. Typically, November is my busiest season. It has been SO quiet. A lot of my colleagues are also saying the same thing and have had to close up shop because of it - or get a second job.
People keep saying it will get better and the economy will bounce back but I don’t know. I am so close from just throwing in the towel, closing up shop and getting a corporate gig.
Student Loan repayments just restarted which just diverted millions of dollars from the broader economy into loan servicers. November is the first month people are really having to live within their new budget. It’s also the first month that people will get late notices forcing people to adjust their spending habits.
Most of the COVID era programs ended this year for people on services. SNAP benefits have been cut across the board all while food prices have risen. Lower income households are having to cut back on things like hair salons to make up that gap. That’s definitely having an impact on a lot of businesses that deal with lower income populations.