About Half of US Consumers Plan Spending Cuts Due to Inflation: Cowen
Three-fourths of respondents in a Cowen consumer tracker for May reported worsening inflation pressure, saying prices for daily goods increased year on year vs. 60% in the March survey. About 53% said their savings were down in May vs. 46%…
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in March. Some 47% are cutting, or plan to cut, spending due to higher prices, up from 42% in the April survey; the percentage was 74% in households with annual income under $50,000. Top items being cut were social events and dining out (60%), travel (53%) and groceries (48%). About 27% planned to cut spending on electronics, steady with the April tracker, up 4 percentage points from March. Some 22% planned to cut cable/internet service vs. 24% in April; 27% planned to cut at-home entertainment services vs. 29% in April, 27% in March and 23% in February. The report tracks about 2,500 U.S. consumers.