Americans are starting to pull back on travel and restaurants, and many households have cut back on big purchases due to soaring prices. Data suggests that consumers are pausing dining out, vacations, and other services. Credit card data by Barclays show that Americans have been pulling back on services, and numerous businesses have attested to that. Additionally, many consumers have tried bargaining for cheaper prices for their services before cutting them out altogether.

Another decrease in spending is due to fear of acquiring debt. During the pandemic, credit card debt lowered as spending was down and many people were able to pay off their existing debt with stimulus checks. As of the beginning of June, American credit card debt was up 16% compared to last year, and many people are hesitant to put anything on their credit cards with the fear of not being able to afford to pay it off.

(The Washington Post, 06.18.22)

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