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