As CivicScience continually tracks consumer sentiment on the current state of the economy, concern over utility bill prices has been notable over the last week. With temperatures beginning to drop, nearly half of U.S. adults report being ‘very concerned’ about electricity, natural gas, and other home utility prices.
On top of that, general concern about inflation was up over the last week, with 56% reporting they’re very concerned. However, the level of concern remains much less severe than at the beginning of summer.
Likely due to rising prices and other economic anxieties, consumers are also feeling a bit more price sensitive. Data show that 55% of U.S. adults report being more price sensitive over the last week, but it remains below its peak in July.
Despite increased price sensitivity, planned consumer spending is up in two major areas: groceries and toys / hobbies / gifts, likely due to the upcoming holiday season. Although, planned spending is down for most categories.
Among other concerns weighing heavily on the American psyche, 85% of U.S. adults are at least ‘somewhat concerned’ about the possibility of Russia using nuclear weapons in Ukraine.
Check in weekly for updates on consumer sentiment and trends as COVID, inflation, spending patterns, and the war in Ukraine evolves.
