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Rising prices have US adults lowering their costs, and 51% of these cost-cutters are spending less on dining out. Other expenses are in their crosshairs as well: 47% are shelling out less for clothing, toys, travel, and/or entertainment.
Beyond the chart: Pent-up demand for experiences, rather than products, burst over the past year, as countries began lifting travel restrictions and many aspects of life returned to their pre-pandemic norm. But with inflation at its highest point since 1981, experience-related categories are taking another hit.
Price hikes aren’t stopping some young adults, however. Last month, 27% of adult Gen Zers and millennials in the US said they’re putting more on their credit cards than they did a year ago, per a Verasight and Bloomberg survey. With interest rates rising as well, these consumers may struggle to maintain their financial well-being for years to come.
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