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Americans cut down on luxuries

2008-07-16 15:37:21 (GMT) (Caymanmama.com - Business News)

Las Vegas, Nevada (CaymanMama.com) — Even with the rising rate of inflation which has hit the citizens nationwide, an interesting survey done recently revealed that there are some aspects where an individual is not willing to cut back on expenses.

The survey showed that on an average, nine out of ten Americans have been making deliberate cuts in their budget as far as spending on everyday expenses is concerned. As compared to last year’s statistics, the numbers have fallen to 11% of the total population who believe that it is a good time to invest money in their necessities or fulfill other needs.

Some of the major areas which seem to be a concern for the US government include the nation’s dependence on other countries for oil and the current rate of rising unemployment and inflation.

The survey also revealed that a certain section of society is harder hit than others as far as inflation is concerned. Individuals who live in rural areas or are parents with minor children have been suffering tremendously because of the sudden increase in the gas prices.

However, American citizens have been trying to maintain their quality of life. Although they have considerably cut back on their dining out, shopping and clothing, there are some other luxuries which Americans do not feel the need to compromise on such as travel, cable and satellite TV subscriptions.

However, with the rise of gas prices, individuals have decided to take vacations which are closer to home. They prefer to take a trip to a nearby location rather than heading for an international destination. Similarly, they have also been making clever use of food coupons in order to compensate for dining out and indulging in exotic food at expensive restaurants.



tariqdossal · Filed Under Business 

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