For more insights and key statistics on the biggest trends in today’s most disruptive industries, subscribe to our Chart of the Day newsletter.
As of August, 65% of US adults said they’d spent more on groceries and less on experiences in the past six months. Meanwhile, 59% agreed they’d spent less on experiences such as travel and dining out. Adults also reported focusing on savings while forgoing big-ticket purchases.
Beyond the chart: Consumer prices were up 8.3%year over year last month, the Bureau of Labor Statistics announced yesterday. Though high, that’s down slightly from the 9.1% hike in June and the 8.5% increase in July.
Cooling inflation would be good news for spending, particularly on experiences. Companies across the travel industry had a successful Q2, suggesting that consumers may not be cutting back on this expense all that much.
More like this:
Read yesterday’s chart of the day here.
Methodology: Data is from the August 2022 Ipsos survey, "Coronavirus Consumer Tracker." 1,119 US adults ages 18+ were surveyed online during August 2-3, 2022.
11 Times SquareNew York, NY 100361-800-405-0844