June 26, 2022

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More than half of Americans indulge in savings or owe to make ends meet: NRF

More than half of Americans indulge in savings or owe to make ends meet: NRF

More than half of Americans Indulging their savings and borrowing money Or getting into debt just to make ends meet, according to data from the National Retail Federation (NRF).

Consumers are facing rising costs across all categories from everyday goods to groceries and gas “as we continue to experience the highest inflation in decades,” according to the nation’s largest retail group.

in The last survey conducted by NRF47% of consumers said they turned to cheaper alternatives when searching for household essentials while trying to navigate the challenging economic environment.

Inflation hits 40 in May as consumer prices rise 8.6%

Just under half of those surveyed, 45% of consumers, Looking for coupons or discounts Often for these items.

Meanwhile, 41% of consumers shop at discount stores to find these daily essentials.

Shoppers inside a grocery store in San Francisco, California, United States, on Monday, May 2, 2022. (David Paul Morris/Bloomberg via Getty Images/Getty Images)

The data also showed that 40% of consumers reported that they were reducing their expenditures in other areas in order to afford these necessities.

However, even with these cuts, the survey revealed that 58% of consumers still had to go into debt, borrow money, or use their savings to make ends meet. According to the data, about 72% of consumers in the lowest income bracket, who make less than $25,000 a year, work in the same compound.

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Only 40% of consumers say they earn enough to make ends meet Inflation continues to outpace wage growth. Meanwhile, only 24% of consumers in the lowest income group said they could afford it.

It’s not sustainable,” NRF CEO Matthew Shay said in a statement. Shay said removing tariffs on China “is the fastest way to relieve some of the inflationary pressures in the US economy”.

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According to Shay, these tariffs have driven up prices for American consumers and cost the average family more than $1,200 annually.