Citigroup CEO Jane Fraser says low-income consumers have turned far more cautious with spending

Citigroup CEO Jane Fraser reported a significant divergence in consumer spending based on income levels, attributing this shift to inflationary pressures. While affluent consumers continue to spend, low-income individuals are becoming increasingly cautious due to higher living costs and debt servicing levels. This behavior reflects broader economic challenges, including persistent inflation and higher interest rates impacting various loans.