Consumers are watching their pennies at the gas station and grocery store as prices soar, but they continue to spend freely in other areas, even if they have to tap savings or credit cards.
A customer shops at a grocery store in San Rafael, Calif., on June 8. Inflation has surged to its highest rate in nearly 40 years, and Americans are having to adjust some of their spending patterns. Clay Watkins loves LaCroix brand sparkling water — especially the watermelon flavor.
Shoppers who swallowed price increases for much of the pandemic without batting an eye are starting to blink now that gasoline prices have topped $5 a gallon in much of the country and grocery prices continue to climb at a rapid rate."The Ukraine war — February, March — was the turning point," says KK Davey, who tracks shoppers' behavior at the market research firm IRI.
A customer prepares to pump gas into her car at a gas station in San Rafael, Calif., on May 20. Surging gas prices have been a major pain point for many household budgets. "There's a certain crouton that I like. But that is like $1.50 more than the generic Kroger brand, so I've switched over," Lee says."They're not bad. But they're not the quality that I usually like."
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