According to a recent survey, higher-income households are cutting back on eating out as consumer pain continues to bite. The survey, conducted by the Conference Board of Canada, found that households with an annual income of $100,000 or more are dining out less frequently compared to previous years.
The survey, which polled over 2,000 Canadians, revealed that 44% of households with an income of $100,000 or more are eating out less often than they did a year ago. This is a significant increase from the 33% reported in the previous year’s survey.
The decrease in dining out among higher-income households can be attributed to the current economic climate. With rising costs of living and stagnant wages, many Canadians are feeling the pinch and are cutting back on non-essential expenses, such as eating out.
In addition, the survey also found that 41% of households with an income of $100,000 or more are spending less on groceries compared to a year ago. This is a significant increase from the 29% reported in the previous year’s survey.
The decrease in spending on groceries can be attributed to the rising cost of food, which has been a major concern for Canadians in recent years. With the cost of food continuing to rise, many households are opting to eat at home more often in order to save money.
The survey also revealed that 38% of higher-income households are spending less on entertainment compared to a year ago. This is a significant increase from the 27% reported in the previous year’s survey.
The decrease in spending on entertainment can be attributed to the fact that many Canadians are prioritizing their expenses and cutting back on non-essential activities in order to save money.
Overall, the survey highlights the impact of the current economic climate on higher-income households. With rising costs and stagnant wages, many Canadians are being forced to make difficult financial decisions, including cutting back on dining out and other non-essential expenses.
As the economy continues to face challenges, it is important for Canadians to carefully manage their finances and prioritize their expenses in order to weather the storm.
