Year on year inflation though the start of November was under 4%. Inflation is back into the long term normal range.
But savings from the COVID era are all spent. Interest rates are still high, so folk who’ve had to move are spending more on home loans. Rental rates have skyrocketed, so renters have less cash. And, as others mentioned, student loans restarted so a third of the population just lost a significant amount of disposable income. That alone might be the biggest change.
Year on year inflation though the start of November was under 4%. Inflation is back into the long term normal range.
But savings from the COVID era are all spent. Interest rates are still high, so folk who’ve had to move are spending more on home loans. Rental rates have skyrocketed, so renters have less cash. And, as others mentioned, student loans restarted so a third of the population just lost a significant amount of disposable income. That alone might be the biggest change.