The new First Insight Report titled ‘The State of Consumer Spending: Inflation Fueling Recession Fears’ revealed some profound changes in consumer sentiment and behavior in just three months since First Insight’s April inflation survey was conducted, according to a press release. Consumer confidence has dropped lower, with now 80 percent of consumers saying they have less confidence to spend, versus 74 percent in April.
Moreover, 28 percent say that they are saving less, with 18 percent tapping into existing savings to pay for a higher cost of living expenses. Dining out, household goods, healthcare, housing, and education costs all increased by double digits in terms of their impact on consumers’ daily lives.
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