Americans focus more on saving as costs rise

Chicago (News NationAmericans’ lives have radically changed in response to rampant inflation, according to a new newspaper The NewsNation/Decision Desk HQ survey was published on Monday. Across the country, consumers are cutting back on dining and entertainment but also on essentials including groceries and petrol.

Nearly half of those surveyed said they are worse off financially today than they were a year ago. By comparison, only 18% of respondents said they are better off.

Even the post-pandemic travel boom is at risk as people reconsider what they can afford.

As Memorial Day approaches, nearly half of registered voters say they have changed summer vacation plans – Some moving trips close to home but most say they had to cancel plans altogether.

More than 70% of survey respondents said they had had to cut back on purchases within the past month.

The change in consumer behavior comes as the cost of goods continues to rise nationally and inflation continues Close to 40-year highs.

So, what do consumers feel most about?

“Petrol, petrol, petrol,” said Lynn Hoffman, a grandmother from Arizona, who was out on a picnic while visiting Chicago on Sunday.

Just last week, the average price of a gallon of gasoline Topped 4 dollars in every state For the first time ever.

Experts say prices at the pump and the country’s economic realities are more likely to influence Americans’ opinions of how the country performs than other hot social issues.

“If you have to change your vacation or have a financial setback, it’s not a theoretical thing,” said Scott Tranter, a consultant at DecisionDesk HQ.

The vast majority of respondents, nearly 65%, said inflation is a bigger problem in the US today than unemployment, COVID-19 or crime:

  • Inflation: 64.61%
  • Unemployment rate: 6.39%
  • COVID-19: 14.33%
  • Crime: 14.66%

Opinions on the underlying causes of inflation differ widely, with some people NewsNation spoke to on Sunday blaming President Joe Biden and the federal government.

“I feel like Washington has failed us miserably and it doesn’t look like it’s going to stop,” said Earl Schwartzoff of Minnesota.

Schwarzhof said Biden should prioritize domestic oil production and rebuild the Keystone XL pipeline in order to rein in energy prices.

Others believe that government spending partly contributed to inflation, but this was the right decision given the difficulties caused by the COVID-19 pandemic.

“I can’t blame the government for giving people what they need at a very difficult hour,” said Tanya Landau, a graduate student in Chicago. “We spent a lot of money on incentives for people and checks to make sure they could put food on their plates. How could I not be OK with that happening?”

Landau said she still hopes to raise workers’ salaries as companies try to retain talent in a post-pandemic world plagued by labor shortages.

Despite its strength Consumer expenses In recent months, there are some indications that demand has begun to subside. Last week, two of the country’s largest retailers, Walmart and Target, posted a Quarterly earnings Much less than expectations.

Nearly 60% of those surveyed now say it’s at least somewhat difficult to make ends meet. It’s an early sign that Americans are starting to worry about the future.

This concern means that some people delay big purchases and instead focus on saving in the near term.

“Rent is going up and the housing market is going up. So you’re going to lose either way. I’m just waiting for things to calm down,” said Alyssa Hatch in Chicago.

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