Part 6/7:
With consumer sentiment faltering, the question arises: where will consumers turn next? As options for cheaper goods shrink, the risk of an economic downturn grows. The recent upsurge in job listings amid the pandemic also highlights labor market volatility, and trends such as "quiet quitting" have morphed into "quiet firing," creating further uncertainty.
Preparing for Economic Uncertainty
Under these circumstances, it's crucial for individuals to prioritize financial preparedness. Establishing an emergency fund is now more vital than ever. Financial advisors recommend saving at least six months' worth of expenses, ideally closer to twelve months, to provide a safety net during unexpected job losses or other crises.