A recent CNBC-Morning Consult survey found that 92 percent of U.S. adults reduced their spending over the past six months, and the majority expect to remain frugal through the 2023 holiday shopping season.
The CNBC survey of 4,403 U.S. adults fielded between Tuesday and Thursday of this week found the most common categories for spending reductions over the past six months were apparel (63 percent), restaurants and bars (62 percent) and entertainment outside the home (56 percent), a similar pattern CNBC saw in its June survey. The following most significant categories for cuts were groceries (54 percent), recreational travel and vacations (53 percent) and electronics (50 percent).
Looking ahead, more than three-quarters of U.S. adults surveyed (76 percent) plan to cut back on spending for non-essential items, and 62 percent expect to cut back on essential items “sometimes” or “more often” over the next six months, CNBC‘s survey found.
More than half of respondents (55 percent) with household incomes of $50,000 (lower income) or less said they feel the impact of the economy on their finances. In comparison, 61 percent of households with $50,000 to $100,000 (middle income) and 46 percent of households making at least $100,000 (higher income) reported the same, marking a significant improvement in sentiment for higher-income homes found in CNBC‘s June survey.
In CNBC’s June survey, more than half of higher-income consumers (55 percent) said they felt a negative impact on their finances. Among higher-income households, 30 percent felt the economic situation had a positive effect, up from 21 percent in June.