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