Inflation forces 50% to cancel vacations, 65% cut dining out, global stress rises as spending tightens.

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According to recent surveys, inflation has indeed impacted Americans’ spending habits and summer vacation plans:

  • Summer Vacation Cancellations:
    • ScoreSense survey found that 50% of respondents plan to cancel or postpone vacations due to financial challenges caused by inflation.
    • Additionally, one in three respondents said they intend to spend less on expensive vacation locations.
    • About 53% of respondents reported planning a vacation that costs less than $2,000.
  • Spending Cutbacks:
    • To cope with inflation, many Americans are cutting back on non-essentials. Here’s what respondents said they spent less on in April compared to the previous year:
      • Eating out: 65%
      • Entertainment: 46%
      • Clothing: 44%
      • Gifts for friends and family: 36%
      • Groceries: 33%.
  • Global Impact:
    • Inflation stress is a global issue 74% of workers worldwide cited inflation as the top cause of stress in their lives.
  • American consumers’ pandemic-era wealth flattens, study finds
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Sources:

www.foxbusiness.com/personal-finance/inflation-canceling-summer-vacations-changing-plans

www.stlouisfed.org/on-the-economy/2023/may/understanding-recent-behavior-inflation

www.newsweek.com/americans-are-cancelling-their-vacations-pay-summer-utility-bills-1928694

www.axios.com/2024/08/13/consumer-debt-payment-pandemic-wealth


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