U.S. consumers have cut back on spending this year, and they plan to continue to do so through the holidays, a new CNBC-Morning Consult survey has found.
The vast majority of adults (92%) have reduced their spending over the past six months, according to a poll fielded on behalf of CNBC by Morning Consult, a company that conducts survey research to inform decision-making. The poll surveyed 4,403 U.S. adults between Tuesday and Thursday.
Consumers remain cautious in their spending and they’re being more discerning about where and when to part with hard-earned cash. Inflation has come down, but remains stubbornly high. Broader economic uncertainty and labor unrest, amid striking auto workers in Detroit and writers and actors in Hollywood, have put consumer companies on watch.
The most common categories for spending cuts over the past six months were clothing and apparel (63%), restaurants and bars (62%), and entertainment outside the house (56%), a pattern that held steady from our June survey. The next biggest categories for cuts were groceries (54%), recreational travel and vacations (53%) and electronics (50%.)