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As of August, 65% of US adults said they’d spent more on groceries and less on experiences in the past six months. Meanwhile, 59% agreed they’d spent less on experiences such as travel and dining out. Adults also reported focusing on savings while forgoing big-ticket purchases.
Beyond the chart: Consumer prices were up 8.3%year over year last month, the Bureau of Labor Statistics announced yesterday. Though high, that’s down slightly from the 9.1% hike in June and the 8.5% increase in July.
Cooling inflation would be good news for spending, particularly on experiences. Companies across the travel industry had a successful Q2, suggesting that consumers may not be cutting back on this expense all that much.
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Read yesterday’s chart of the day here.
Methodology: Data is from the August 2022 Ipsos survey, "Coronavirus Consumer Tracker." 1,119 US adults ages 18+ were surveyed online during August 2-3, 2022.