Student loan repayments may lead shoppers to cut back on key spending categories
The COVID-19 pandemic brought over two years of student loan payment relief, but that has come to an end. With repayments resuming, many consumers carrying student loan debt are concerned about the impact on their budgets. A recent survey by 84.51° found that nearly half (49%) of respondents with student loans are extremely concerned about their ability to maintain their monthly budget along with resuming student loan repayments. The top category that respondents indicated they plan to cut back on due to student loan repayments is dining out/take out (58%).
On the flip side, categories consumers are less likely to cut include groceries, at-home entertainment, essential personal care items, investments, and transportation. Check out the infographic for more insights into how shoppers plan to respond to the resumption of student loan repayments. Understanding where consumers may pull back spending can help retailers and brands adapt their strategies during this budget-impactful transition.
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