Love It or Fix It: The Near-Term Future of the Housing Market & Its Impact on Consumer Behavior
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To fight inflation, the Federal Reserve has embarked on the most aggressive pace of rate increases in the last 40 years, raising its benchmark interest rate from 0% to 3.0% so far this year. With the Fed hoping to control inflation by “resetting” housing markets and bringing down consumer demand, it is likely to raise rates several more times this year and potentially push the economy into recession. As the housing market correction begins, how will home buying behaviors shift and what does that mean for consumer spending in related consumer goods categories?
Numerator’s Chief Economist and UCLA professor, Leo Feler, and General Manager of TruView, Mitch Louch, have a conversation on the state of the macro economy, it’s impact on home buying & remodeling, and how that will influence consumer behavior over the next few years. They cover:
- The current state of the economy and forecast for 2023
- How rising interest rates will affect home buying and remodeling
- Which geographic regions are likely to be most impacted
- What effect a potential recession may have on discretionary spending
- How shifts in housing markets impact consumer buying behaviors in related home improvement, electronics & housewares categories