Inflation rates just keep climbing, hitting historic highs just last month, and a new survey shows that nearly everyone is affected. 95 percent of Americans surveyed said inflation rates are hitting them hard and that they are budgeting creatively to make ends meet. Here’s what you need to know.
Numerator conducted a survey of over 10,000 consumers in April and released the results in a report, New Realities & Routine,s focused on the financial reality of post-pandemic life, and the changes in routine and habits Americans have had to make in order to account for inflation.
One startling statistic to come from the report shows that approximately 95 percent of US households admit they are making changes to their purchasing habits to account for inflation rates. Though to differing degrees, essentially everyone is hit by the rise in prices in everything from a gallon of milk to gas, rent prices, and baby formula.
Four in 10 people who responded said that they expect inflation, and the impact of the rise in prices, to worsen over the next few months.
20 percent of respondents are worried about how they’re going to make ends meet, and 7.5 times more respondents who were already struggling economically before inflation feel the same.
Approximately half of those surveyed said that they’ve stocked up on essentials and have been using coupons and discounts more over recent months to afford groceries. An even higher percentage of consumers reported they would be adopting these methods in the upcoming months to cut down on their expenses.
66 percent of people said they were cutting back on “non-essential” spending. While “non-essential” can mean different things for each family, 59 percent of people said they plan to cut back on non-essential foods, 54 percent said they’d limit their clothing sh, 48 percent said they’d cut back on recreational activities, and 42 percent said topping, and some said they would reduce their travel to help make their money go further.
At the end of the day, there’s little way around the fact that the weekly price of eggs is up a whopping 32% over last year, that rents and mortgages are skyrocketing, and that the cost of gasoline has also reached historic highs.
But there are practical tips for cost-saving during inflation. You can reduce the internet plan you have at home or your phone plan. You can also take stock of streaming services, gym memberships, or other entertainment-centered costs. Look into groups like the Buy Nothing Project to take on hand-me-downs when you can, write detailed grocery lists, and make a grocery plan weekly.