survey reveals that U.S. consumers have reduced their spending and plan to continue doing so during the upcoming holidays
A significant majority (92%) of American adults have cut back on their expenses in the last six months, as per the poll conducted by Morning Consult for CNBC
Consumers are exercising caution in their spending habits and carefully choosing when and where to spend their money, driven by factors like high inflation and economic uncertainty
The top categories where spending has been reduced in the past six months are clothing and apparel (63%), restaurants and bars (62%), and out-of-home entertainment (56%)
Groceries (54%), recreational travel and vacations (53%), and electronics (50%) also saw significant spending cuts
More than three-quarters (76%) of surveyed U.S. adults intend to cut back on non-essential spending during the holiday season
Additionally, 62% of respondents plan to reduce spending on essential items either "sometimes" or "more often" in the next six months
Interestingly, higher-income households have improved sentiment, with 30% reporting a positive economic impact in September, up from 21% in June
Ongoing labor unrest and economic uncertainty continue to influence consumer behavior, with many opting for more frugal spending patterns