From the grocery store shelves to fast-food drive-thrus, the rising costs of living are hitting consumers from nearly every angle.
Concerns surrounding inflation continue to reach new highs week over week with 93% of the Gen Pop now concerned. Similarly, we see concern with gas and energy prices holding steady at a high of 95%.
While anticipated increased spend on groceries has leveled out (but remains high), Americans are now preparing to spend more on household items over the next month and, likely as a result, expect to spend less on clothing.
A myriad of factors appears to be impacting prices, from labor shortages to inflation and possible price gouging. But where are Americans placing blame when it comes to higher price tags? Currently, the Biden Administration is receiving the lion’s share of the blame, followed by a relatively equal percentage of consumers attributing rising prices to big brands, the pandemic, or the war in Ukraine.
However, slightly more consumers (44%) think it’s understandable for brands/retailers to raise prices right now than those who don’t (39%).
And, as prices continue to increase, more and more Americans anticipate the need to tap into their savings in the near future.