The Strategist

Over 90% of US adults cut spending in the last six months

09/20/2023 - 10:47

In the previous six months, the vast majority of American people (92%) have reduced their spending, according to a Morning Consult survey cited by CNBC.

The most frequent areas where respondents cut costs were grocery (54%), restaurants and bars (56%), clothing and accessories (63%), travel and vacations (53%), and gadgets (50%).

Over half (55%) of respondents who reported having an annual income of under $50,000 stated the state of the economy has a real effect on their financial status.

61% of respondents with average incomes (between $50,000 and $100,000 annually) came to the same conclusion.

46% of those in the most affluent segment of the population (with yearly incomes over $100,000) reported that the economy had a major impact on their personal well-being.

In addition, 62% of respondents said they would be willing to cut costs even on the most essential items "sometimes" or "more often than now" in the next six months, while 76% of adult Americans polled said they would continue to do so.