What: European, US and UK shoppers are pulling back on vacation plans due to inflation as reported by First Insight.

Why it is important: Data has shown that inflation is a key driver of deflating consumer confidence as shoppers from the EU, US and UK report increased cost of living expenses causing many customers (40%) to cut back on name-brand products.

Entertainment spending, alcohol and spirits, meat and seafood are other categories in which consumers are pulling back spending. Many respondents have stated that they are staying home to avoid spending on ‘nightlife’ related expenses. In addition, vacationing less has been a way consumers reported how they save.

92% of all respondents are concerned about the recession yet one-third are saving less.

Shoppers pull back on vacations and entertainment