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What does a recession mean for insurance payments?

Now more than ever, customers expect a modern checkout experience with flexible payment options and customer-first experiences.

By Andrew Wynn | September 27, 2022 at 12:04 AM
A person holds up a credit or debit card as they sit in front of their laptop. Economists can debate whether we’re in a recession or not, but it’s clear that U.S. businesses are changing their buying behavior and it’s key for agents to recognize and adapt to these trends. (Credit: fizkes/Adobe Stock)

With the Federal Reserve hiking interest rates by 0.75% for the third time in a row to fight inflation and fears of recession, this economic climate’s impact on the U.S. consumer contrasts past climates due to the difference in response across age groups, income levels and purchase behaviors. One common behavior, however, is the rise in consumers adopting a “buy now, pay later” approach to their purchase patterns.

Although this specific analysis focuses on consumer shopping behavior, it would be short- sighted to not look into whether these similar sentiments carry into decisions made by business owners.

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