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.
The school loan repayments instantly sucked hundreds of millions of dollars out of the economy overnight and it will continue to have a huge impact because the population sector with school loans also spends the most money on retail. So, if it was just school loans for boomers, you would be ok. However, it’s mostly millennials and some Gen Y folks. All the people who complained about forgiveness never think about how it might actually impact their job. It will help slow inflation though. So, that’s good news.