For the first time in more than a decade, consumers are reported to be cutting back on their spending. A consumer survey conducted by America's Research Group says that more than 37 percent of the 1000 respondents said they are spending less on themselves and their families: 36 percent said they are eating out less and 32.2 percent said they are “delaying their purchases.”
Why? According to the answers supplied by those surveyed: 42.9 percent pointed to rising gas prices; 34.3 percent said savings had become their biggest priority; 34.3 percent said they needed nothing new at the moment; 10.2 percent said they were taking shorter vacations and also increasing their usage of frequent flyer reward points and/or credit card points; 6.1 percent said they were holding off on spending until they saw the outcome of the election; and 5.7 percent said they'd suffered investment reversals.