economy
Americans say their incomes can’t keep up with rising prices—they’re cutting back on groceries, rideshares and alcohol
More than half of Americans say everyday life has become less affordable, and many are cutting back to keep up.
TL;DR
- 65% of consumers report price increases are exceeding their income growth.
- Annual inflation rate rose to 3.3% in March, driven by a surge in gasoline prices.
- Prices are up approximately 16% over the past four years.
- Real hourly earnings have increased by only 1.4% over the past year.
- 56% of Americans find everyday life less affordable compared to last year.
- Consumers are reducing spending on dining out, groceries, clothing, home goods, personal care, gym memberships, alcohol, and rideshares.
- 39% of households have used credit cards to pay for essentials.
- Consumer sentiment has fallen to a record low, with blame placed on the Iran conflict and persistent inflation.