Structurally higher prices and elevated interest rates are beginning to show their effects on squeezed U.S. consumers. They are taking on more high-priced debt, doing part-time or gig work and reallocating their spending; they are getting pragmatic about where they live, how they pay for medical expenses and how often personal technology purchases are necessary; they are trading down where they shop and what they purchase; and they are revaluing what they purchase with discretionary dollars – even beginning to pull back on experiential spending.