Americans Pulling Back on Spending as Inflation Bites into Budgets

Consumers cutting back on both essentials and non-essentials like clothing, restaurants, and entertainment. About two-thirds spending less on groceries, utilities, gas.

Older generations like Boomers and Gen X scaling back on splurging compared to Gen Z.

More consumers buying now, paying later to cope with costs. Nearly half of Americans have used deferred payment services.

Fewer motorists buying auto insurance, with uninsured driver rates rising in states like NH, SD, and IN.

Despite belt tightening, median household spending up 5.5% in August 2022 vs 2021. Spending above inflation rate.