Consumers Pull Back and Prepare for the Long Haul
New Study Finds 70% of US Consumers Cutting Back on Nonessential Retail Purchases
According to PYMNTS’ new monthly survey of 3,783 U.S. consumers,Americans not only fear the present phase of high inflation will be prolonged, but most believe that it will take until Q2 2024 before their spending power returns to pre-2021 levels. And 70% are already cutting back on nonessential retail purchases.
Inside the July Report
- 31%: Share of consumers who do not live paycheck to paycheck who say their finances have worsened over the past year
- 63%: Share of consumers who have concerns about affording basic necessities
- 49%: Share of consumers who say they have drawn from their savings to compensate for rising expenses
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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Consumers Buckle Down On Belt-Tightening
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Inflation Slowly Ebbs, But Consumer Outlook Remains Gloomy