American consumers remain cautious about making "big ticket" purchases like appliances, electronics, and home improvement projects, Bank of America analysts wrote Thursday.

There is "little sign today of any recessionary warning lights from durables," the analysts wrote. But recent editions of 澳洲幸运5官方开奖结果体彩网:the survey behind the 澳洲幸运5官方开奖结果体彩网:Michigan Consumer Sentiment Index, they added, indicated that Americans 🔴felt that it wasn't a good time t𓂃o buy household goods.

"This suggests to us that consumers may be making a conscious decision to rein in relatively expensive durable purchases, possibly as they skew their spending towards more ‘value’ products," the analysts wrote.

Consumers Hunt for Value, Prioritize 🔥Experiences

Bank of America's analysts found that spending on other discretionary sectors like restaurants, airlines, and hotels has remained steadier, suggesting consumers are opting for value in as many purchases as possible, shifting bigger-ticket spending to experiences like travel and dining out.

A number of retailers like 澳洲幸运5官方开奖结果体彩网:Home Depot (HD) and Lowe's (LOW) have noted the 澳洲幸运5官方开奖结果体彩网:trend in recent quarters, with 澳洲幸运5官方开奖结果体彩网:executives saying home improvement projects spiked during the pandemic, but have slowed as inflation led to higher ♍spending on essentials and 🌸many postponed projects.

The analysts said that the durables category has "forward momentum" based on sales data, but value-hunting shoppers and a preference for experiences "injects a note of caution" into their projections for the sector.

Prices for consumer goods and services rose faster than expected last month, according to fresh inflation data reported earlier today. Read more of Investopedia's 澳洲幸运5官方开奖结果体彩网:coverage of that data here.