When retail spending decreases in an inflationary period, that means actual goods purchased is really declining fast. Inflation can make spending look like it has increased when people are buying fewer units at increased prices. We are seeing reduced dollars at increased prices which is a significant decrease in purchasing.
I'm expecting at least a serious recession before the end of the year, but likely a depression level drop in the economy. I hope I am wrong. The longer it takes for everything to tank, the longer people have time to prepare.
The dollar is losing value fast and when the dollar is dropped as defacto world reserve currency (already happening in a small way), our purchasing power will plummet. Get out of big cities. Learn to grow food and raise animals (chickens, ducks, quail, rabbits, goats, sheep, etc.). Stock up on supplies. If there is anything you can't do without, especially if it won't go bad, buy extra now while you can. Make connections with producers.
The better prepared you are, the less you will be harmed by the coming economic crash. Some people will be destroyed, but some people will probably only be marginally hurt.