Some 61% of consumers are highly concerned about the economy

Overall consumer financial concern increased in April. 61% of consumers have a high level of concern regarding the economy, up four percentage points from last month

Over the next few months, 41% of consumers say their primary concern will most likely be personal finances

69% of consumers feel as though the country is in an economic recession, and 68% believe it will worsen in the next few months ( 4 points from March)

74% of consumers say rising prices on essential goods and services is their main economic concern, followed by rising prices on gas/fuel (67%) 

28% of consumers are concerned about housing market stability and affordability 

Low-income consumers are concerned about government benefits scaling back (40%), while high-income consumers show concern about stock market stability (42%)

Consumers’ spending discomfort for taking money out of personal savings or retirement accounts and splurging on premium or “luxury” items remains high (72% and 71%, respectively)

Consumers are making spending cuts in response to rising prices. 41% anticipate cutting back on dining out, 38% plan to cut back on electronics and 37% anticipate cutting back on travel in the next few months