Consumer Behavior

Consumers plan to cut back on dining out, travel

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November 11, 2022

More than half, 60%, of consumers are "highly concerned" about the economy and 39% list personal finances as a primary concern. Spending on dining out and travel are tops regarding spending cutbacks.

Those are top findings of Numerator's monthly Consumer Sentiment Study regarding consumer behavior.

Additional findings include:

• Nearly two in five (39%) say personal finances are their primary concern for the coming months, up from 36% who said the same in August. These levels are more than double that of the next highest-cited concern ("world events" at 17% of consumers) and more than six times that of COVID-19 related concerns (6%).
• Nearly 60% of consumers have a high level of concern regarding the economy, down 13 percentage points from its recent peak in June 2022, driven in part by a decreased concern around gas prices.
• Nearly a quarter (71%) of consumers feel as though the country is currently in an economic recession, 77% think inflation will continue to increase and 70% expect the economy to worsen in the next few months.
• More than a quarter (76%) of consumers are worried about rising prices on essential goods and services, while 68% are worried about rising gas prices and 62% are concerned about rising prices on non-essential goods and services (e.g., travel and restaurants).
• Nearly three in four consumers (74%) state that they are wary of splurging on premium or luxury items at this time.
• Dining out (46% of consumers), travel (44%), electronics (42%), apparel (41%) and toys and games (32%) are the top areas where consumers plan to reduce their spend in the following months.