An overwhelming majority of Americans, 92%, have cut back on their spending in the past six months, and 76% plan to continue to curtail spending on non-essential items through the holiday season, a Morning Consult poll for CNBC found.
In addition, 62% expect to reduce their outlay on essential items in the next six months.
The poll was conducted among 4,403 U.S. adults between last Tuesday and Thursday.
While 54% have trimmed their grocery budget, major discretionary spending categories have also been hit across the board.
Here’s the biggest areas where Americans have been watching their money in the past six months:
Americans' Biggest Budget Cuts
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Clothing and apparel
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63%
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Restaurants and bars
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62%
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Entertainment outside the home
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56%
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Groceries
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54%
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Recreational travel and vacations
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53%
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Electronics
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50%
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Source: Morning Consult poll for CNBC conducted Sept. 12-14, 2023
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While inflation has come down in the past year, it has ticked up in the past two months largely due to higher gas prices, and, at 3.7%, is still stubbornly high.
Cumulatively, since President Biden has taken office, inflation has risen 16.9%.
Economists are still at odds as to whether the U.S. will avoid a recession. While unemployment stood at 3.8% in August according to the Bureau of Labor Statistics, clarity as to the continued strength of the labor market is fogging up amid major strikes by Hollywood writers and actors, as well as the United Auto Workers.
All of this has put consumer companies on watch and consumers on edge.
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