Consumers worldwide appear to have the same idea about where to cut costs as inflation tightens budgets and economic uncertainty persists, according to a new report by First Insight.
The report, “The State of Consumer Spending: Inflation’s International Impact,” surveys consumers in France, Germany, Italy, Spain, the U.K. and the U.S. to measure the effects of the “cost of living crisis” on consumer spending.
According to the report, the top category in which consumers say they’re cutting back is dining out, with an average of 57% of consumers reporting cutting back their spending in that area. Consumers in Germany are cutting back the most, with 63% slashing their dine-out spend. That’s followed by consumers in the U.K. (60%), Spain and Italy (59%), the U.S. (55%) and France (49%).