U.S. consumers battle with ongoing high prices by foregoing splurges and focusing on money-saving strategies - Entrepreneur Generations

Americans are worried about stubbornly high
grocery prices. (Adobe Stock photo)

Frustrated with continuously high food and staple pricing, many U.S. consumers are combating grocery store costs with money-saving tactics and spending reductions. "Consumer spending stagnated in the first half of this year, according to federal data issued last week, and the CEOs of Chipotle Mexican Grill, Kroger and Procter & Gamble, among others, are telling investors that their customers are more strapped — or appear to feel that way," report Katherine Hamilton and Natasha Khan of The Wall Street Journal. 

Eyeing an uncertain job market, ongoing inflation and anticipated tariffs, shoppers are opting to spend their dollars on "essentials and forego the extras," the Journal reports. "P&G, which sells daily-use items such as Tide, Charmin and Pantene, said it is noticing signs of slower spending across essential products, too."

Low-income and higher-income shoppers have pulled back on spending sprees to focus on making their budgets stretch further. "Americans are using up the goods in their pantry and seeking value by buying in bulk to economize or purchasing smaller packs to spend less," Hamilton and Khan explain. "At Kroger, shoppers are making more trips to the store but putting less in their carts. They are also clipping coupons again. . ."

The cost of living and worries over being able to afford it has become a common theme for many Americans. "A May poll of consumer sentiment conducted by consulting firm McKinsey found most people planned to adjust their spending in response to tariffs," Hamilton and Khan write. "Rising prices was the top concern of those surveyed, far outweighing issues such as immigration, international conflict and political polarization."

from The Rural Blog https://ift.tt/W07KPRU U.S. consumers battle with ongoing high prices by foregoing splurges and focusing on money-saving strategies - Entrepreneur Generations

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