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Home Industry News

USA Today: Consumers Cutting Back Amid Inflation

Rick Kessler by Rick Kessler
October 13, 2023
in Industry News
0
Inflation Rates
Consumers are cutting back as inflation persists. (AP Photo/Eduardo Munoz Alvarez)

Inflation continues to vex the American consumer, with prices rising 3.7% over the past year, according to USA Today.

Not surprisingly, the vast majority of American consumers say they are cutting back: 92%, according to a recent CNBC-Morning Consult survey.

In a June poll by CNBC and Morning Consult, nearly 80% of consumers said they had cut spending on nonessential items, a category that covers entertainment, home décor, appliances and clothing.

A more recent survey by the same pollsters, conducted in September, shows which non-essential items consumers are most likely to do without: clothing (63%), restaurants and bars (62%) and entertainment outings (56%).

Each CNBC-Morning Consult poll covered roughly 4,400 adults.

A smaller share of consumers, about two-thirds, are spending less on essential goods, such as groceries, utilities and gas, according to the June survey.

To read more, click here. 

 

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