Consumers Buckle Down On Belt-Tightening
Inflation Means Americans Now Spend $64B More on Essentials
The average household now spends 65.4% of its total income on essential purchases and more than $64B more just to buy them now than a year ago. In this month’s “Consumer Inflation Sentiment” report, PYMNTS surveyed 2,632 consumers to detail how they are preparing for a recession that most respondents believe is inevitable.
Inside the October Report
- 89M: Number of consumers who have tightened their belts to prepare for a recession
- 45%: Share of consumers buying lower quality products to save money
- $237M: Additional amount consumers collectively spent on healthcare than in Q1
Consumer Inflation Sentiment Report
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The Cautious Spender: US Consumers Now Think First, Spend Second
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Consumers Shop Secondhand Stores as Often as Other Retail
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Tipflation Is Changing Spending Habits of 1 in 6 Consumers
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27% of Consumers at Self-Checkout Say They’ve Been Asked to Tip
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85% of Consumers Say Incomes Are Not Matching Inflation
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Consumers Know What AI Is — Not How It’s Integrated Into Their Daily Lives
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45% of Millennials Say Wages Don’t Meet Inflation
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The False Appeal of Deal-Chasing Consumers
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Rising Housing Costs Deflate Economic Optimism
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Perception Is Reality
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In It For The Long Haul
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Consumer Inflation Sentiment: Inflation’s Long Consumer Spending Shadow
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Inflation Slowly Ebbs, But Consumer Outlook Remains Gloomy
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Consumers Pull Back and Prepare for the Long Haul