Half of Americans are saving more for a safety net

The Ipsos Consumer Tracker asks Americans questions about culture, the economy and the forces that shape our lives. Here's one thing we learned this week.

Why we asked: Compared to five years ago, most Americans – regardless of partisanship – feel the economy is worse, according to a Reuters/Ipsos poll fielded July 28 - Aug. 1. With the holidays approaching, how is the uncertain economic climate affecting the way consumers are saving and spending?

What we found: Nearly half of Americans say they have started saving more of their income in the past six months, either to have a safety net for the future (48%) or to treat themselves in the future (45%), according to the most recent wave of the Ipsos Consumer Tracker. That number compares similarly to when Ipsos asked this question in February 2023 (50%) and is up from a year ago: In September 2022, 46% said they were saving for a safety net, while in August 2022, 43% said they were.

Meanwhile, 34% of Americans say that in the past six months they have postponed or skipped a big-ticket product purchase like a major appliance, car or home renovation. That's a slight decline from February 2023, when 36% said they had postponed or skipped a big-ticket purchase, and also down from a year ago: In September 2022, 40% said they had postponed or skipped a big-ticket purchase.

The number of Americans who say they have postponed or skipped needed home or car repairs to save money continues to fluctuate: 27% in October 2023 said they had postponed these repairs in the past six months. That compares to 32% in February 2023, 31% in September 2022, 38% in late August 2022, and 28% in early August 2022.

Along with big-ticket purchases, Ipsos asked Americans about items like streaming services and if they had cut back on those. 31% of Americans said they have canceled a streaming subscription service in the past six months, with that number not wavering much in the past year: In February 2023, 29% of Americans said they had canceled a streaming service, while 32% said the same in September 2022.
More insights from this wave of the Ipsos Consumer Tracker:
Americans learning AI are teaching themselves

More Americans plan to travel for the holidays this year

Half of Americans would be interested in a weight loss medication

The Ipsos Care-o-Meter: What does America know about vs. what does America care about?