U.S. consumers cut spending as rising costs impact food and fuel

U.S. consumers are facing increasing affordability challenges due to rising prices for necessities such as groceries, gas, housing, and utilities. According to a JD Power report, the percentage of financially healthy consumers fell to 63% in August. To manage these costs, more than 75% of respondents reported cutting back on day-to-day expenses, including dining out and purchasing less expensive brands.

As meat prices in the U.S. have risen by 12% over the last year, some consumers are shifting toward plant-based diets for affordability. A WalletHub study ranking 100 American cities identified Portland as the best city for vegans and vegetarians, citing its organic farms, farmers’ markets, and high volume of affordable meatless dining options. Los Angeles and Austin followed as the second and third best cities, respectively.