There’s been a lot of economic uncertainty recently. And according to new research, many people are tightening their belts, by NOT BUYING NEW BELTS. Sort of.
The report found that 67% of American consumers say they are “reducing spending on everything”, and 75% are concerned that the U.S. may go into a recession this year.
When asked where they’re cutting back this year compared to last year, 67% of savers said they’re not eating out at RESTAURANTS as much. That’s the most popular response. Here’s the rest of the list:
2. 52% are cutting back on new clothes, shoes, and accessories.
3. 49% are reducing spending on entertainment, including concerts and movies.
4. 47% are spending less on travel.
5. 38% are cutting back on hobbies.
6. 34% are trying to spend less on groceries.
7. 33% are doing an audit on their streaming subscriptions.
8. 32% are limiting their alcohol consumption.
9. 27% are spending less on sporting events.
10. And another 27% are cutting back on personal grooming. (They’re not SHOWERING less, they’re watching how much they spend on haircuts, beard trims, nail salons, spas, and other pampering.)
11. And unfortunately, 22% say they’ve had to reduce their giving to charitable organizations.
The research found that the average person is currently spending $115 on restaurants and $235 on groceries every week. The most common restaurants people are going to are: Fast food, fast casual, casual, and pizzerias.
Groceries are usually cheaper than eating out, assuming you’re buying more meals than snacks and aren’t wasting food.
But people are saving money at grocery stores by choosing cheaper store brands, cutting back on snacks, sticking to the necessities, and using coupons and loyalty discounts.
