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More than half of all consumers remained wary of the economy in May, according to new data from market research firm Numerator. The company tracks consumer purchase data and surveys buyers to gain insight into shifts in consumer behavior and reports findings monthly in its Consumer Sentiment Study.
Here are some highlights from the latest survey:
-59% of consumers have a high level of concern regarding the economy, slightly down from April.
-More than two-thirds (67%) of consumers feel as though the country is in an economic recession, and 68% believe it will worsen in the next few months.
-78% of consumers think inflation will increase in the next few months.
-Over the next few months, 38% of consumers say their primary concern will most likely be personal finances.
-76% of consumers say rising prices on essential goods and services is their main economic concern, followed by rising prices on gas/fuel (65%).
-30% of consumers are concerned about housing market stability and affordability.
-Consumers' spending discomfort for splurging on premium or 'luxury' items and taking money out of personal savings or retirement accounts increased in May, to 75% and 73%, respectively.
-Consumers are making spending cuts in response to rising prices. 42% anticipate cutting back on dining out, 38% plan to cut back on electronics, and 38% anticipate cutting back on travel in the next few months.