PYMNTS-MonitorEdge-May-2024

Today in Data: Inflation Has Consumers Sticking to Essentials

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Today in data, with inflation at its highest rate last month since 1981, a majority of U.S. adults — 154 million people — reported they stick to necessities when shopping, buying food, gas and healthcare products but little else.

Data:

235,000: The minimum family income in dollars needed to buy a home in San Francisco, according to LendingClub

61: Percentage of American consumers who bought just the essentials in March due to inflation

31: Percentage of consumers paying for groceries with credit cards, up a percentage point from the year before

28: Percentage that American Express card spending has increased quarter over quarter, as spending by younger consumers trumps inflation

11: The average increase in dollars in grocery spending for March, even as people report shopping less often

PYMNTS-MonitorEdge-May-2024