A sizable chunk of Americans are cutting spending on fun activities this summer, while nearly half have upped their spending on household essentials, a new survey reports.
The biggest changes are in the kitchen, with a net percentage of 49% of Americans spending more on groceries, while 12% are cutting dollars put to dining out, according to the first Gallup poll to retroactively survey U.S. spending habits, comparing those of June this year and last year. Additionally, spending on gas, utilities and healthcare rose, while spending on travel, electronics and clothes dipped.
The findings arrive amidst rising prices of essential living items that are cannibalizing money that American families had previously budgeted to luxury or leisure activities, according to Gallup. Food prices, especially, have increased in recent months, with the U.S. Department of Agriculture predicting a 2.5 to 3.5% rise over 2013 levels. Gas prices are up too, with…
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