Data reveals that many have cut back on large-scale purchases, as evidenced by the 2.3 percent slump in flight bookings and the 4 percent decrease in car sales.
Citizens have mentioned increasing costs, probably fueled by the nation's skyrocketing inflation rate, as reasoning for scaling back on vacations, dining out, and routine services like haircuts, manicures and house cleaning.
Economist Larry Summers, who served as the U.S. Secretary of the Treasury under Barack Obama, has further cautioned that "by the end of next year, we would be seeing a recession in the American economy."
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He claims President Joe Biden's administration has to take action to "reduce the inflation" and "provide some relief" to the American consumer.
As ticket prices for domestic flights have almost doubled this summer, airlines are reporting a drop in summer bookings.
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The travel industry was hard-hit with a travel surge in late spring after COVID-related limitations impacting airlines were fully lifted.
Domestic flight bookings drove $8.3 billion in May, a 6.2 percent increase from the month prior, yet are currently down by 2.3 percent compared to bookings made the same month in 2021, Adobe reported.
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Americans are still spending 11 percent more on flights overall than at the same time last year, an indication of precisely how much fares have climbed since.
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Analysts claim the drop is probably a direct impact of elevated ticket prices.
"We are beginning to see a more notable shift from goods to services, with consumers spending over half a billion dollars more on domestic flights in May," Vivek Pandya, lead analyst at Adobe Digital Insights, announced.
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"While some consumers have been able to stomach the higher fares, especially for those who delayed travel plans during the pandemic, the dip in bookings shows that some are rethinking their appetite for getting on a plane."
Despite the recent decline in flight bookings, reservations are still up 4.4 percent compared to pre-pandemic rates of May 2019. Overall airfare spend is up by 11 percent.
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Although consumer spending, which makes up more than two-thirds of the U.S. economy, held strong throughout April though analysts predict the spend streak is reaching an end.
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Retail sales slowed for the first time in 2022 last month. Most notably was the 4 percent drop in car sales.
Credit card spend data analyzed by Barclays revealed both high and low-income Americans have started pulling back on routine spending, particularly with services.
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