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

PYMNTS Consumer Inflation Sentiment Report Series

The False Appeal of Deal-Chasing Consumers
Rising Housing Costs Deflate Economic Optimism
Perception Is Reality
In It For The Long Haul
Consumer Inflation Sentiment: Inflation's Long Consumer Spending Shadow
Inflation Slowly Ebbs, But Consumer Outlook Remains Gloomy
Consumers Pull Back and Prepare for the Long Haul