Newsweek - America's middle class, traditionally considered the backbone of the nation and its economic engine, has been shrinking for the past 50 years, according to a recent Pew Research Center survey. A study based on government data released by the Washington-based nonpartisan fact tank in late May found that the share of Americans living in middle-class households dropped from 61 percent in 1971 to 51 percent in 2023. During the same time, the share of Americans living in lower income households rose from 27 percent to 30 percent, while that of individuals living in upper income households rose from 11 percent to 19 percent.
Study Finds - Summer is here, but the fun may be over before it even starts! Nearly nine in 10 Americans have seen their cost of living increase over the past five years, and a new study has found that this is having a massive impact on their shopping habits, particularly online. The poll of 2,000 U.S. adults found consumers now spend most of their money on essentials like groceries (35%), clothing (27%), and home goods (17%) when shopping online. Over three in four (76%) believe inflation is to blame for their cost of living increases, leading 61% of consumers to shift their current online shopping habits. Commissioned by Forter and conducted by Talker Research, the study revealed that people are shopping less often (55%), buying only necessities (44%), and buying the cheapest version of the products they want (34%) to keep their costs down. Over a third (37%) have also had to shift their travel plans for the next year due to the rising cost of living. To afford a vacation, one in 10 are cashing in their credit card points and frequent flyer miles, and 66% of them are using their points and miles more often than they did five years ago.
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