With The Increased Inflation In America, Here's How Most Americans Are Going To Cut Back Some Of Their Money

America is experiencing worse inflation than ever and the victims are none other than middle and lower-class Americans. Even though inflation has decreased a little bit after June, it is still not enough. The rising costs of living in America are making many Americans suffer the after-effects of it and there is nothing they can do other than save or cut back from some things. Inflation is still 8.5% higher than last year and June was the worst of them all so here's how Americans are dealing with it.

Most Americans are thinking about cutting the extra money they spend on different apps and websites like Netflix etc. Recent studies show that 65% of them are canceling their subscriptions and contracts to utilize that money for a larger cause. Statista's Global Consumer Survey made a report on all the things Americans are thinking of cutting back and canceling subscriptions was at the top. After that, 42% of them are saving money by not doing any clothes shopping and wearing cheap and old clothes to tackle this inflation.

Many Americans are also cutting themselves from bars, restaurants, and cafes. Inflation has gotten to its worst and compromise is the only thing Americans can do. 38% of them are trying not to do any unnecessary traveling and cutting off on any vacations. 35% are spending less on household products and goods that are not important. To put it shortly, Americans are only buying the items in the grocery that are unnecessary and without which life is harder.

30% of Americans are leaving their hobbies that require money like book buying, and arts and crafts. 25% of them have stopped buying branded and costly beauty products. 23% have stopped spending money on house interiors and other appliances. 12% of Americans are also accepting the fact that they have to cut back on their education to survive through this inflation. 8% have canceled all their insurances and there is also a percentage of people who do not plan on saving their money amid this inflation (6%). Now let's see how Americans are going to survive this way of life.

Read next: Amazon Continues to Dominate Ecommerce With 61% of Product Searches
Previous Post Next Post