As food and housing prices continue to rise, consumers are changing their spending habits. On average, U.S. households will be forced to spend $433 more a month on the same items they bought in 2021.

OnePoll recently completed a survey, revealing that the biggest changes to the American consumer’s budget are…

• buying fewer groceries overall (39%),
• opting to cook at home instead of ordering takeout (49%),
• cutting back on dining out frequency (62%),
• buying fewer clothes (40%), and
• cancelling TV streaming services (20%).

“Our survey shows the real-world impact of inflation: it cripples spending, it takes a while to get it under control, and attempting to do so can bring the economy to a crashing halt,” said a Forbes Advisor. And while experts do not have any insight into when inflation rates will drop enough to cause less strain on budgets, another survey on how Americans handle inflation and rising costs found that one-third of U.S. adults are having to tap into their savings accounts to help offset rising costs.

(Fatherly, 8.12.22)

Is inflation having an impact on you and your business? Wondering if customers are still planning in their budgets to visit your destination? We can answer your questions. Schedule a free consultation today or send us an email at info@h2rmarketresearch.com.

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