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.
Louis Theroux will be honoured with the prestigious National Film and Television School (NFTS) fellowship next month.
The renowned interviewer – who has been working in the business for over three decades, and whose Weird Weekends were the stuff of legend – admits he initially felt like “a trespasser” and “imposter” in his front-of-screen role.
Image: Theroux with students at the National Film and Television School. Pic: NFTS
Never going to film school himself, the now world-famous presenter and documentarian got his first job as a print journalist in America after graduating from Oxford University.
His big break came on Michael Moore’s TV Nation series, as a roving reporter delving into offbeat culture, later striking up a deal with the BBC resulting in Louis Theroux’s Weird Weekends.
A first-person storyteller, who disarms his subjects with charm, Theroux’s interviews frequently result in the unexpected.
Commenting on his upcoming award, Theroux said: “I came into the industry more than thirty years ago, feeling like a trespasser, an imposter, in a role meant for someone else, worrying that I would be found out, hoping I could keep going for a few more months, since I was enjoying it so much.
“All these years later, I’ve learned that ‘keeping going’ may be the best definition of success.”
More on Louis Theroux
Related Topics:
Admitting that like those just starting out in the field, he too is “still figuring things out”, he said he hoped the fellowship would give him the chance to “connect with younger people… sharing the few things I’ve learned, and more importantly learning from them”.
Image: Theroux at the Church of Scientology building in LA. Pic: BBC/BBCWorldwide
Theroux went on to interview a host of celebrities in When Louis Met…, including Jimmy Savile, who is now known to have been one of the UK’s most prolific sexual predators.
Haunted by the interaction, Theroux would go on to interview some of Savile’s victims in a follow-up 16 years later.
Theroux has also fronted various documentaries across BBC1 and BBC2 and released the 2016 feature-length documentary My Scientology Movie.
The author of several books, he currently hosts his own podcast series.
Image: Theroux and his wife Nancy Strang in 2019. Pic: PA
In 2019, he set up his own production company, Mindhouse, with his wife Nancy Strang and filmmaker Arron Fellows, producing documentary film and TV series, as well as his podcast.
Theroux recently revealed he was suffering from alopecia, initially resulting in the loss of his eyebrows.
Instagram
This content is provided by Instagram, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Instagram cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Instagram cookies.
To view this content you can use the button below to allow Instagram cookies for this session only.
NFTS chair Sophie Turner Laing praised Theroux’s “immense contribution” to the world of factual filmmaking, adding: “His ability to connect with audiences and uncover powerful human stories makes him a true icon in the industry.”
Previous recipients of the honorary fellowship include James Bond producer Barbara Broccoli, Wallace And Gromit creator Nick Park, director Sam Mendes and children’s author Malorie Blackman.
NFTS graduates have gone on to win 15 Oscars and 166 BAFTAs since the school opened half a century ago, with current graduates’ work on show at the BFI Southbank from Monday 3 March to Thursday 6 March.
The fellowship will be awarded to Theroux during the school’s graduation ceremony on Friday 7 March.
Germany’s conservative Christian Democrats (CDU) and their Bavarian sister party the Christian Social Union (CSU) have won the country’s federal elections – as the far-right Alternative for Germany (AfD) scores its best-ever result and Chancellor Olaf Scholz’s party collapses.
The leader of the CDU/CSU bloc, Friedrich Merz, who will most likely become Germany’s next chancellor, said he would work on forming a government as soon as possible, though it is not yet clear how easy that will be.
Speaking on Sunday evening, Mr Merz said: “We have nearly eight weeks until Easter now, and I think that should be enough time – the maximum time – to form a government in Germany.”
Preliminary results of the official election count show the CDU/CSU took the largest share of the vote with 28.5%, while the AfD won a record 20.8% – its best result in a federal election since its formation in 2013.
Mr Scholz’s Social Democratic Party (SPD) collapsed to third with 16.4% – its worst post-war election result – while its previous coalition partners the Greens took 11.6%.
In some surprise results, the hard-left Left Party surged clear of 5% – the minimum vote share needed to get seats in the Bundestag – while the newly-founded left-wing Sahra Wagenknecht Alliance (BSW) fell just short.
More on Germany
Related Topics:
The Free Democratic Party (FDP), a former coalition partner and liberal party, also saw its vote collapse to 4.4%, taking them out of parliament.
Despite the AfD’s result, Mr Merz’s bloc and the rest of the mainstream parties have ruled out working with the far-right as part of a long-running pact known as the “firewall”.
Please use Chrome browser for a more accessible video player
0:38
Chancellor concedes election defeat
‘The world out there is not waiting’
Mr Merz faces complex coalition negotiations and whether he will need one or two partners to form a pact will depend on how many parties get into parliament.
The 69-year-old admitted it would “not be easy”, adding: “The most important thing is to re-establish a viable government in Germany as quickly as possible… The world out there is not waiting for us.”
Please use Chrome browser for a more accessible video player
4:09
Conservative bloc set to form Germany’s new government
Later on Sunday, while appearing on a German broadcaster’s post-election panel of party leaders, Mr Merz took aim at Donald Trump and said the US president’s administration has shown itself to be “largely indifferent to the fate of Europe”.
Image: The CDU/CSU won 28.5% of the vote, with Friedrich Merz likely to be Germany’s next chancellor Pic: AP
After exit polls on Sunday evening showed the CDU/CSU bloc in the lead, the US president said it was a “great day” for Germany.
He wrote on Truth Social that the “people of Germany got tired of the no common sense agenda, especially on energy and immigration”.
‘We have arrived’
Alice Weidel, the AfD’s co-leader and chancellor nominee, hailed her party’s results and said “our hand remains outstretched to form a government” – despite the “firewall” pact.
Please use Chrome browser for a more accessible video player
10:39
AfD has best showing in German election
“We have arrived as a party of the people,” she told a crowd, before saying that without the AfD in coalition, “no change of policy is possible in Germany”.
Co-leader Tino Chrupalla added the party “achieved something historic today”, and said: “We are now the political centre and we have left the fringes behind us.”
On Sunday evening, anti-fascist demonstrations broke out in Frankfurt and Berlin in protest at the far-right party’s performance.
Image: Protests broke out after the exit poll showed the AfD was set to be the second-largest party in Germany. Pics: AP
Image: Anti-fascist protests also broke out in Berlin
‘Very bitter’ election for SPD
Conceding the election, Mr Scholz told voters that “the result is very bitter for the SPD”.
While still chancellor until the government votes on his replacement, he added he will not represent the party “in a federal government led by the CDU, nor will I negotiate for it”.
Image: Olaf Scholz’s SPD party collapsed to the third largest party – with 20.8% of the vote. Pic: AP
Meanwhile Christian Lindner – FDP party leader and former finance minister, whose dismissal by Mr Scholz led to the collapse of the coalition government – also resigned after a bruising night.
Posting on social media after it became clear his party would not meet the 5% vote threshold, he said: “The parliamentary elections brought defeat for the FDP but hopefully a new start for Germany. That’s what I fought for.
“Now I’m retiring from active politics. I have only one feeling: gratitude for almost 25 intense, challenging years full of productive work and debate.”
Image: Christian Lindner’s dismissal as finance minister led to the collapse of the SPD/FDP/Greens coalition. Pic: AP
BSW narrowly out as Left surges
Founded in January last year, the BSW came just short of entering parliament with 4.9% of the vote.
But despite doubts the party could rally before the election, the Left Party made a comeback and surged to 8.8%.
Party candidate Heidi Reichinnek told German national broadcaster ARD: “I am so incredibly happy about our result.”
And while the Greens still lost votes after its stint in the coalition, it recorded the smallest losses of the three parties – making Sunday’s vote “mixed” for the party’s chancellor, Robert Habeck.
He also said the vote showed “the centre is weakened overall, and everyone should look at themselves and ask whether they didn’t contribute to that”.
Packing up to 852 hp and a cutting-edge technology stack developed by Huawei, Chinese luxury brand Maextro just revealed its latest entry into the Mercedes-Maybach EQS and Rolls-Royce Spectre segment of ultra-luxe EVs. Meet the all-new Maextro S800.
Despite a somewhat steady stream of new Chinese EVs that defy expectations and threaten to re-set the global order of performance cars, semi trucks, and just about everything in between, brands like Maybach, Rolls-Royce, and even Bentley have seemed relatively “safe,” in the sense that their value is based on something a bit less objective than lap times or kW/mile.
The shimmering, sparkly, fiber-optic headliner was pioneered by Rolls-Royce over a decade ago, pushing back against the more open and accessible glass-roofs that were becoming popular in the higher end market. Huawei goes a step further, adding similar, Swarovski-like shimmer to not just the headliner – but the door handles, the headlights, projections dancing around the car as you approach it in the street.
Advertisement – scroll for more content
It looks and feels special, in other words. And these cars are all about making their owners feel special. Different.
When Henry Rolls began work on his first US factory in Springfield, Massachusetts way back in 1919, there was supposedly a mantra that management repeated to the workers. It went, “every time you touch the car, you add cost. Make sure you add value.”
I’m not here to argue that Huawei is living up to the same maxim with the Maextro, but I am here to argue that this car’s bespoke, purpose-built platform doesn’t share any parts with a lesser offering from the Mercedes or BMW or Volkswagen lineup in the way that a Maybach, Rolls-Royce, or Bentley does. That may not mean much to you and me, but the people shopping six- and seven-figure cars, it might.
Those well-heeled buyers will get a choice of EREV or “pure” battery electric powertrains good for between 480 and 852 all-electric horsepower. 32 ADAS sensors including both radar and lidar compliment a suite of cameras analyze the road ahead and feed data to Huawei’s ADS road perception system, which is constantly adjusting torque distribution, suspension compression and rebound, and front and rear steering to deliver a tech-driven chauffeur experience that Huawei insists is second to none.
That digital chauffeur is also pretty handy when the weather goes sideways, too. Huawei says the Maextro’s sensor array can help it to increase the detection distance in rain, fog, and dust by 60% compared to the benchmark, while delay was reduced by 40%.
In the event a collision is unavoidable, the car can adjust its stance, seating position, raise the windows, and unlock the central control lock to enable outside help to open the doors. Following the collision, the Maextro S800 switches the redundant power supply and calls for help, as well.
Finally, reports indicate that the Maextro S800 supports the 800V high-voltage system in some trims, suitable for 6C charging, which means it can be energized with up to 390 kW of charging power, taking just 10.5 minutes to charge the 66 kWh battery in the EREV version (523 hp) from 10% to 80%.
The Maextro S800 will enter the Chinese in May this year with a price range of 1 – 1.5 million yuan (about $135–205,000 US).