How is inflation affecting consumer spending habits?
March 3, 2023
As inflation remains high, there is now more pressure on household budgets to pay for essentials. According to a recent study, this has affected spending habits over the last year, with more consumers cutting back on non-essential purchases and bills.
This follows a recent survey by LendingTree, which found that more people are struggling to pay for basic bills like utility bills, housing costs, and food.
The study, which was conducted by Gravy Analytics, examined spending trends between 2021 and 2022 and also made predictions about spending trends in the coming year.
A key finding of the study was that consumers are now prioritising essential expenses even more, which means things that are less important are being left out of budgets.