U.S. consumers have cut back on spending this year, and they plan to continue to do so through the holidays, a new CNBC-Morning Consult survey has found.
The vast majority of adults (92%) have reduced their spending over the past six months, according to a poll fielded on behalf of CNBC by Morning Consult, a company that conducts survey research to inform decision-making.
Consumers remain cautious in their spending and they're being more discerning about where and when to part with hard-earned cash.
The most common categories for spending cuts over the past six months were clothing and apparel (63%), restaurants and bars (62%), and entertainment outside the house (56%), a pattern that held steady from our June survey.
The next biggest categories for cuts were groceries (54%), recreational travel and vacations (53%) and electronics (50%.)
Organizations:
CNBC, Morning
Locations:
Detroit, Hollywood