Reversing Trend, More Shoppers Cut Spending, Poll Shows

August 11 2021 by Diccon Hyatt for The Balance

Seven. That’s how many months a run of improving consumer optimism lasted, according to a new poll that shows an increasing share of people cutting back their spending because of the pandemic.

Fifty-six percent of respondents to an Aug. 5 survey by First Insight said they were reducing their spending below pre-pandemic levels, compared to 52% in July. It was the first of four polls taken since January showing an increase in the share of people being more cautious. First Insight, a business analytics company, has conducted polls periodically since February 2020. Targeted samples of more than 1,000 people around the country are part of each one. 

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