Over 90% of Americans have cut spending and plan to stay frugal through holidays: survey

Published

2 years ago

September 28, 2023

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Most American adults have cut spending this year, according to a new CNBC-Morning Consult survey, which also revealed that consumers plan to stay frugal through the holidays.

A whopping 92% of adults have cut back on discretionary spending over the past six months, CNBC found after polling 4,403 US adults last week.

Consumers were most skittish when shopping for clothes and dining out at restaurants — 63% and 62%, respectively.

The news site’s poll also showed that consumers at all income levels are feeling pinched by the economy. While labor strikes in Hollywood and Detroit provoke fresh uncertainty, inflation rose a surprisingly stiff 3.7% last month — still well above the Federal Reserve’s 2% target.

Fifty-five percent of lower-income households earning $50,000 or less annually told CNBC that their personal finances are suffering from the state of the US economy, while 61% of middle-income earners bringing in $50,000 to $100,000 are feeling the squeeze.

Even among the highest earners with annual incomes exceeding $100,000, 46% said they’re feeling the impact of the economy on their finances.

More than three-quarters of respondents, 76%, plan to cut back spending on non-essential items over the next six months, during retailers’ all-important holiday shopping season, while 62% said they plan on budgeting “sometimes” or “more often” in the upcoming months, CNBC found.

Meanwhile, 56% of surveyed respondents said they were spending less on entertainment outside the house despite reports of recent summer splurges on blockbuster movies and concert tours, namely Taylor Swifts sought-after Eras Tour, which is on track to amass a record-breaking $1 billion in sales, making it the highest-grossing tour ever.

Groceries saw the next-biggest budget reduction, with 54% of respondents saying they’re spending less at the supermarket, according to CNBC.

The results came just one week after the Bureau of Labor Statistics’ closely-watched Consumer Price Index showed that food prices rose 0.2% for the third consecutive month in August as the index for meats, poultry, fish, and eggs advanced 0.8%.

The index for pork edged 2.2% higher.

CNBC’s survey also showed that 53% of respondents will be cutting back on recreational travel spend, while 50% won’t be quick to splash out on electronics — a figure that could spell bad news for Apple, which is set to drop its “industry first” iPhone 15 on Sept. 22 for up to $899 depending on storage capacity.

The latest inflation numbers represent a stark slowdown from last summer when inflation hit a four-decade peak at 9.1%.

Still, it remains well above the Feds 2% goal and marks an acceleration from the previous two months.

In June, inflation bottomed out at 3%, and rose to 3.2% in July.

As Wall Street expected, rising gasoline costs were the main culprit of Augusts advance, ticking 10.6% higher last month and accounting for over half of the increase, the data showed.

As of Tuesday, the national average of a gallon of gas stood at $3.88, rising some eight cents in the span of a week, according to the American Automobile Association.

The most eye-watering prices were seen in some parts of California, where gas is running residents more than $6 in some parts of LA and as much as $7 in other parts of the state.

At this time last year, a gallon of gas was 18 cents cheaper nationally, AAA said.

And to make matters worse, relief doesnt appear to be on the horizon, at least not in the short term.

Chevron CEO Mike Wirth predicted that oil prices would get close to $100 a barrel.

Supply is tightening, inventories are drawing the trends would suggest, we are certainly on our way, we are getting close (to $100/bbl), Wirth, who heads the nations second largest energy producer, told Bloomberg TV on Monday.

World

Two married couples found dead in British car after crash in Germany

Published

2 hours ago

August 24, 2025

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Two married couples found dead in British car after crash in Germany

Two married couples have died after a British car veered off the road and crashed in Germany, according to police.

The fatal accident happened shortly after midnight on Saturday in the trees near a highway in the Kassel district, north of Hesse in central Germany.

The 32-year-old male driver, a 31-year-old female passenger, a 32-year-old female passenger, and a 30-year-old female passenger all died at the scene, despite the efforts of German emergency services.

Sky News understands UK officials have not been contacted for assistance.

At roughly 12.30am on Saturday, the car appears to have veered off the road and crashed into nearby trees around 30m from the road, according to the Kassel police department.

One of the victim’s phones automatically alerted the emergency services to the incident, who sent an ambulance to the scene.

Soon, fire engines, ambulances, command vehicles and emergency support vehicles were all dispatched.

When emergency workers arrived, the car was lying on its side, wedged between several trees.

It wasn’t until they removed the roof that they found all four passengers.

The emergency workers who dealt with the victims were immediately supported by the specialist mental health workers at the fire station in Reinhardshagen.

“This high number of deaths is an extraordinary operation for our Reinhardshagen Volunteer Fire Department,” said a fire department spokesperson.

“For some of the emergency personnel, it is the first time they have been confronted with death in this way.

“Therefore, a great deal is being done to help us process these images. We will also discuss this among ourselves and within families, because not everyone can easily shake off what they have seen.”

An investigation into the accident is ongoing and is being conducted by the Hofgeismar police station.

US

Trump seeking to ‘manufacture a crisis’ in Chicago, says Illinois governor

Published

2 hours ago

August 24, 2025

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Trump seeking to 'manufacture a crisis' in Chicago, says Illinois governor

The governor of Illinois has accused Donald Trump of “attempting to manufacture a crisis” over reports the US president was considering deploying the military in the state.

US newspaper The Washington Post reported on Saturday that the Pentagon was drafting plans to deploy the US army in Chicago, the state capital.

It comes as part of Mr Trump’s crackdown on crime, homelessness, and illegal immigration in mainly Democrat-run cities. He recently deployed the National Guard in Washington DC.

In a statement responding to the report, governor JB Pritzker said Illinois had “received no requests or outreach from the federal government asking if we need assistance, and we have made no requests for federal intervention”.

He added: “The safety of the people of Illinois is always my top priority.

“There is no emergency that warrants the President of the United States federalising the Illinois National Guard, deploying the National Guard from other states, or sending active duty military within our own borders.”

The governor then said: “Donald Trump is attempting to manufacture a crisis, politicise Americans who serve in uniform, and continue abusing his power to distract from the pain he is causing working families.

“We will continue to follow the law, stand up for the sovereignty of our state, and protect the people of Illinois.”

Officials familiar with the proposals told the Post that several options were being weighed up by the US defence department, including mobilising thousands of National Guard troops in Chicago as early as September.

The Pentagon said it would not comment on planned operations, adding: “The department is a planning organisation and is continuously working with other agency partners on plans to protect federal assets and personnel.”

Mr Trump, however, told reporters on Friday that “Chicago is a mess,” before attacking the city’s mayor Brandon Johnson and hinting “we’ll straighten that one out probably next”.

Mr Johnson has not yet commented on Saturday’s reports, but said on Friday that the president’s approach to tackling crime has been “uncoordinated, uncalled for and unsound”.

“There are many things the federal government could do to help us reduce crime and violence in Chicago, but sending in the military is not one of them,” he added.

It comes after around 800 National Guard troops were deployed in Washington DC earlier this month, despite the US capital’s mayor revealing crime in the capital was at its “lowest level in 30 years”.

According to preliminary figures from Washington DC’s Metropolitan Police, violent crime is down 26% in 2025 – after dropping 35% in 2024 compared with 2023.

In June Mr Trump ordered 700 US Army marines and 4,000 National Guard troops to Los Angeles in California, during protests over mass immigration raids.

The deployment came against the wishes of state governor Gavin Newsom, who said: “The federal government is sowing chaos so they can have an excuse to escalate.

“That is not the way any civilised country behaves.”

Science

Massive Fireball Streaks Across Southern Japan, Lighting Up the Night Sky

Published

3 hours ago

August 24, 2025

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On Aug. 19, residents of southern Japan witnessed a brilliant fireball streaking across the night sky, lighting up cities from Kagoshima to Osaka. The meteor appeared at 11:08 p.m. local time, glowing green-blue with flashes so bright they rivaled the moon before bursting into orange-red fragments above the Pacific Ocean. Security and dashcam cameras captured the dazz…