Weary of inflation and burdened with high credit card balances, shoppers are running out of gas — and retailers are getting ready for even more frugal U.S. consumers in 2023, CNBC reports.

Americans have added an average additional $1,549 to their credit card balances this holiday. That’s on top of the average personal credit card debt of $6,569 in the U.S., according to LendingTree.

Savings rates fell to 2.4% in November from 6.3% before the pandemic, according to the U.S. Bureau of Economic Analysis. Consumers also are not buying as many high-ticket items like jewelry and electronics, and are very much aware of the high prices of food, gas and housing.

All of this is pointing to a recession, possibly in the first quarter of 2023, says Michael Zdinak, an economist at S&P Global Market Intelligence. The good news, according to S&P Global Market Intelligence, is the recession may only last two quarters.

As consumers, including those making more than $100,000 a year, become more thrifty, big-name brands known for value, such as Walmart, are benefitting.

Walmart CEO Doug McMillon said last month that the past two quarters, 75% of Walmart’s food market share gains came from households earning more than $100,000 a year.

Yet, Walmart, Target and Costco are having a harder time selling discretionary merchandise with bigger profit margins.

So, when Americans, at all income levels, get their credit card statements at the end of the month, they are likely to come to the realization that the spending they enjoyed over the holidays needs to come to an abrupt end, says Stacy Widlitz, president of consultancy SW Retail Advisors:

“Everyone gets through the holidays in denial and Feb. 1, when you get your statement it’s like, ‘Oh!’”