More than half of Americans are dipping into their savings, borrowing money or going into debt just to cover their expenses, according to data from the National Retail Federation(NRF).
Consumers are facing a rise in costs across all categories from everyday goods to groceries and gas "as we continue to face the highest rate of inflation in decades," according to the nation's largest retail trade group.
In a recent survey conducted by the NRF, 47% of consumers said they have been switching to cheaper alternatives when looking for household necessities as they try and navigate the challenging economic environment.
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Just under half of those surveyed, 45% of consumers, are looking for coupons or sales more often for these items.
Meanwhile, 41% of consumers are shopping at discount stores to find these everyday necessities.