As inflation continues to soar and the holiday season rolls in, it’s no secret that Americans are spending at a much higher rate.
In fact, a new survey is shedding light on just how much we’re spending.
According to research from Lending Club, which surveyed 3,495 American consumers, a whopping 60% of Americans are living paycheck to paycheck as of October 2022, up nearly 4% from the year prior.
Inflation has even affected top earners in the country, with 28% of consumers surveyed who earn over $200,000 also saying that they are living paycheck to paycheck. What’s more, 49% of all respondents said that they have had to shift their shopping preferences.
Unfortunately, it doesn’t appear that things will be reverting back to normal anytime soon — but there are signs that expenses may be slowing down.
Recent reports suggest wholesale prices rose by 8% last month in a one-year period. While there was an increase, it’s the smallest jump since July 2021, indicating better-than-predicted inflation rates.
Average hourly wages also rose 0.4% in October month-over-month, though the unemployment rate rose by 3.7% in the same time period.
With holiday shopping season drawing closer, it remains to be seen how Americans’ wallets will be impacted.