Although American Politicians publicize the prospects of the Inflation Reduction Act, most people are unconvinced that it will work. According to recent surveys, families are getting ready for tough times ahead of the holiday season and seeking ways to avoid the rising cost of consumer products.
Americans have reduced spending because of rising inflation
For instance, a report by Quantum Metric shows that three-quarters of Americans have slashed their budgets by 25% to fight inflation. Surprisingly, around half of these consumers (38%) have reduced spending by 50% as they try to make ends meet.
Two in every five Americans say they wait for sales for the best prices, but that is not even adequate. In the past six months, around 45% of the respondents said that they have a new credit card, with 38% stating that because of this debt, this doubled.
Interestingly with schools opening and people preparing for holidays, 40% of Americans say they have suspended paying for goods, with 39% saying that they have adopted “buy-no-pay-later” agreements.
A survey by OnlineBetting.com revealed that over 70% of baseball fans indicated they could not afford tickets for the MLB game. Many Americans also said they couldn’t afford a staycation during the summer. Things have been so bad that around a third of Americans shy they canceled their summer plans to see their team play because of the increasing costs of attending games. In addition, MLB fans say that team overcharges them, with the New York Yankees topping the list of most expensive tickets.
Alaska is the most hit state by rising inflation
Inflation is hurting Americans, and it is growing, at least in New York, Hawaii, and California. The bottom-ranking metropolitans in terms of Consumer Price Index changes in the last 12 months are Boston (21st), New York City (22nd), and urban Honolulu (23rd). The worst hit consumers by inflation are those in Anchorage, Alaska. In Alaska, prices have increased by 7% in the past two months, and in the past year, prices have risen over 12%.
