When asked about money habits compared to previous months, 51 percent said they’re now spending less — an increase from 32 percent last year. It’s the highest figure since 2010, when 57 percent said they were spending less.
More Americans are being careful with money as the coronavirus crisis has taken a toll on the global economy. More than 30 million adults in the United States have filed for unemployment over the last six weeks, according to the Labor Department, which will release new filing data on Thursday.
“The scope of the coronavirus economic downturn is just beginning to be realized, with new unemployment figures due this week after last week’s report on economic growth,” Gallup said.
The Commerce Department said last week the U.S. economy shrank by almost 5 percent during the first three months of the year, almost entirely due to the crisis.
“[That decline] was larger than economists predicted. Consumer spending accounts for roughly two-thirds of GDP, so the effect of the pullback in spending on economic growth is obvious,” the pollster added.
Forty-five percent of Americans who make $40,000 or less and more than half of those making anything over $40,000 said their spending has gone down.
Gallup polled more than 1,000 U.S. adults for the survey, which has a margin of error of 4 points.