Americans are splurging on travel and entertainment. Sky high inflation and (for some) rising credit card debt is apparently not enough to keep many from having fun. Hotels, theme parks, and cruise lines say tourists are back in large numbers.
“People still feel the aftereffects of the pandemic,” Financial planner Richard Rosso said. “They’ve been pent up, the feel entitled to get out there and spend.”
He says spending habits have shifted from goods to services. Rosso says that's great for those who have enough money saved, or for those cutting other personal expenditures in order to travel. However, he's worried about the large number of Americans who are racking up credit card debt without a plan to pay it back.
“There’s no semblance of delayed gratification, which is why you see retirement savings falter, financial literacy is in the toilet,” Rosso said.