Many reports have shown that Americans are pessimistic about the economy — and their place in it — despite indicators that the labor market is robust and the economy is thriving. In order to explore why this pessimism persists, researchers at data and technnology firm Numerator analyzed the spending habits of 150,000 customers from 2019 to 2024 and then surveyed a representative sample (over 4,500 people) to examine what’s driving that sentiment. They found that people are spending more and doing better than they were before the pandemic, but they’re also having to put in more effort, which leaves them frustrated and tired. Additionally the gaps in spending habits between income brackets has widened greatly since 2021—those in the highest income bracket are spending relatively much more than those in the lowest bracket, making those who earn less feel left behind.