Inflation continues, prices soar! US consumers will cut back on summer spending!

It is learned that according to a survey of more than 1,000 Americans conducted by Numerator, the continued inflation has caused a serious blow to the financial situation of American families, and many American consumers said they will cut spending in the coming months.

The survey showed that 95% of respondents said they were taking steps to cope with rising prices, including stockpiling discounted items (51%) and looking for coupons and promotions (50%).

For households facing financial difficulties (32%), they will cut back on non-essential spending (66%), including dining out (59%), food (57%), clothing (54%), entertainment activities (48%) and travel (42%).

It is worth noting that 4 in 10 respondents said the impact of inflation will worsen their financial situation in the coming months, and 69% of households in difficulty also have this concern.

It is learned that the financial situation of Generation Z is more severe than that of Millennials and Generation X. In May 2022, 35.5% of Generation Z consumers reported that their financial situation was "good" or "very good", which was 14% lower than that of Millennials and Generation X, and 17% lower than that of Baby Boomers.

In addition, according to another survey conducted by RetailMeNot on 1,116 American adults, 61% of respondents said they would reduce spending this summer, including dining out (69%), personal shopping (61%), entertainment (54%), travel (42%) and subscriptions (34). It can be seen that inflation has had a huge impact on the consumer spending of American consumers, and retailers will face more challenges.

Editor ✎ Nicole/

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