First Insight’s May 2022 report shows that inflation is driving down consumer confidence, with 74% feeling less able to spend and 82% seeking cheaper ways to shop. Top inflation pain points include gas, groceries, dining out, and vehicle costs. As a result, consumers are cutting back on discretionary categories—48% on dining out, 33% on groceries, and 32% on entertainment and gas. Most now prioritize spending on essentials like groceries, rent, and healthcare. Private labels are gaining favor over name brands, and travel, live entertainment, and jewelry are among the most reduced expenditures.

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