What Inflation: Consumers Don’t Want to Cut Back on Dining Out, Vacations
That said, nearly all are having their budgets affected by rising prices.
The restaurant and hospitality industries can be pleased with a recent consumer survey about the things Americans would least like to give up.
Dining out topped the list (49%), according to a HomeServe survey, followed by streaming TV at 47% – which might not bode well for movie theaters – and vacations at 45%. Conversely, the two things consumers were most willing to give up included regular pet grooming (16%) followed by club/golf/pool membership (18%).
At 47%, however, vacations were also on the list of purchases that respondents are also putting off on buying due to inflationary pressures, along with home furniture and household items and a new or used car topping the list.
A super majority (82%) said that inflation is impacting their budgets with groceries, utilities and gasoline most prominent.
A bit disturbing and consistent with previous surveys was how few Americans have funds saved for home repairs. Over one-third (36%) have $500 or less – or even no money – set aside to pay for a repair. Almost 15% have absolutely nothing set aside.