For more insights and key statistics on the biggest trends in today's most disruptive industries, subscribe to our Chart of the Day newsletter.
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.
More like this:
11 Times SquareNew York, NY 100361-800-405-0844