ISELIN, N.J., June 28, 2022 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, has released the results of its recent consumer inflation survey of 600 adults, aged 18+ that shows how people are adjusting their routine spending and travel habits due to inflation.
According to the survey results, more than 10% (10.5%) reported eliminating all non-essential purchases and more than 70% (71.67%) said they have made at least some changes to personal travel habits.
While some consumers have cut back on some non-essential spending, like dining out and unnecessary travel, others reported much more drastic changes such as skipping meals, conserving water, and eliminating meat from their diets. People are feeling an immense amount of financial pressure right now. Unfortunately, this is not surprising after the Labor Department reported earlier this month that the United States Consumer Price Index (CPI) hit a 40-year high in May.
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