Consumer Behavior

US consumers cutting costs, striving to save

Photo by istock.com

August 29, 2022

American are increasingly reducing costs, looking for additional ways to save and facing hard choices given the inflation economics and higher prices.

Those are top findings of a Forbes Advisor study of 2,000 U.S. consumers and how they're reacting to an increasingly expensive economy.

More than half, 51%, are cutting back on non-essential items when grocery shopping and 45% have changed their grocery shop approach to buy cheaper options, according to a press release on the study's findings. Two fifths are wearing old clothes more often than previously to avoid spending money on new ones (43%), and one in 10 are turning to fast fashion clothing more than ever, due to lower prices. More than one third have started utilizing coupons more regularly as a means to save money (37%).

The online survey was conducted by market research company OnePoll.