Are consumers tapped out? Many families cutting back their spending [Video]

CINCINNATI — Home Depot has just confirmed what a lot of us have been feeling in recent months.

We are tapped out, and not spending as we did two years ago.

Remember “revenge spending?”

That was the stimulus check spending boom of 2021 and 2022 when shoppers snatched up new furniture, clothing, pools and more. Stores couldn’t keep up with the demand, which led to higher prices.

Now, times have changed, and many consumers are cutting back, feeling tapped out.

Lori Gorbling, like many shoppers we recently found back-to-school shopping at a Kohl’s store, is watching every dime she spends.

“It’s very, expensive,” she said. “It’s not cheap.”

Tina Day has also cut back.

“I usually look for deals, I try to stay within a budget,” she told us while looking through the sale racks at Kohl’s.

Next to Black Friday and the holiday season, late August is one of the busiest times of the year for stores.

That’s because many families are buying school supplies and …