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August finds consumers increasingly concerned about the economy and their own finances, according to the latest Consumer Sentiment Study from Numerator. The rising prices of essential goods and fuel topped the list of consumers’ economic concerns in August.
The monthly study monitors purchase data and surveys verified buyers to keep tabs on shifts in consumer behavior as well as how consumers are feeling about the economy.
Here’s are the highlights from the August survey:
-59% of consumers have a high level of concern regarding the economy, up from July.
-65% of consumers feel as though the country is in an economic recession, and the same amount think the US economy will worsen in the next few months. 76% 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.
-77% of consumers say rising prices on essential goods and services is their main economic concern (+5 points from July), followed by rising prices on gas/fuel (70%, +9 points from July).
-However, consumers are slightly less concerned about retirement savings (38%, -4 points from July) and government benefits scaling back (31%, -3 points from July) in August.
-Consumers are still uncomfortable with discretionary spending. 73% are uncomfortable splurging on premium items (+3 from July), 72% are uncomfortable taking money out of savings or retirement accounts, and 55% are uncomfortable spending money on non-essential items.
-In response to inflation and rising prices, consumers plan to cut spending on dining out (43%) and travel (38%). 28% do not expect to cut back on spending.