Consumers Cut Spending to Combat Rising Prices

Shareq Rashid May 13, 2022

As prices rise, consumers are cutting back on dining out, driving and monthly subscriptions to save money, according to CNBC.

Spending cuts: In the past six months, 53% of adults reported cutting back on dining out, 39% cut back on driving and 35% cut back on a monthly subscription, according to a CNBC+ survey of 4,000 adults taken in March.

Many more said they would consider making additional cost-cutting measures if high prices persist.

What they’re thinking: About half of survey respondents said they think about rising prices all the time. Fifty-five percent of those with annual household incomes of less than $55,000 said they are constantly checking costs.