One in Five Americans Struggle to Cover Day-to-Day Expenses as Inflation Soars
Mintel research shows that the most common consumer response to dealing with inflation is cutting back on nonessential purchases, followed by dining out less often
As prices continue to rise and economic uncertainty looms, financial concerns are widespread among US consumers but all hope is not lost. While more than half (51%) of Americans say they are currently concerned about the future of the economy, a similar share (48%) feel confident their financial situation will improve in the next 12 months. In addition to the future of the economy, inflation is top of mind across the population. Nine in 10 consumers (94%) say they are currently worried about inflation, and 67% believe the majority of Americans share in these concerns, while a third (34%) believe it’s other Americans – rather than themselves – who are financially struggling right now.
Meanwhile, 22% of Americans overall - and 31% of parents - say they are struggling to cover day-to-day expenses. Mintel research shows that the most common consumer response to dealing with inflation is cutting back on nonessential purchases (40%), followed by dining out less often (37%).