According to recent surveys, inflation has indeed impacted Americans’ spending habits and summer vacation plans:
- Summer Vacation Cancellations:
- A 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%.
- 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:
- 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
20% of US are canceling their summer vacations due to inflation, and nearly 50% are making other budget cuts to make ends meet, per FORTUNE.
— unusual_whales (@unusual_whales) August 13, 2024
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
Views:
182