Inflation hits lower income Americans hard
April 6, 2022
Low-income households spend 77 percent of their income on necessities compared to 31 percent for those in higher income brackets. Lael Brainard, a governor of the Federal Reserve, said lower income consumers have fewer options for saving when inflation hits. “A household that had been purchasing brand-name cereal could save money by purchasing store-brand cereal instead, perhaps even eliminating any effect of the price increase on their actual spending while purchasing the same quantity of cereal,” she said. The same is not true of consumers already buying private labels.
Recent News
Chipotle Is Giving Away Over $1 Million in Burritos to Healthcare Workers
In acknowledgment of the tireless contributions of healthcare workers, Chipotle Mexican Grill has announced a notable gesture of appreciation: the distribution of 100,000 free burrito e-cards.
Amazon, Target, and Others Pull Weighted Baby Sleep Blankets From Shelves
These baby products raise safety concerns.
New LEGO Technic Summer Sets Revealed
Summer is upon us, and so are the latest LEGO Technic sets.
Snapchat Reveals Latest AR and ML Tools for Brands and Advertisers
Snapchat has introduced a range of new augmented reality (AR) and machine learning (ML) tools created to assist brands and advertisers in engaging with users on the social platform through interactivity.