Household perceptions of price changes and coping strategies 
Traditional economic indicators point to an economy that is, by most accounts, firing on all cylinders. Unemployment is low, wages are rising, and economic growth remains solid. However, many observers have highlighted the disconnect between positive economic indicators and public perceptions. For some, pessimism about the economy is possibly out of step with underlying household conditions. For others, pessimism about the economy may reflect well-justified anxiety over higher price levels. Using data from the US Census Household Pulse Survey, the goal of this field note is to understand how US adults perceive and contend with recent price changes and identify which demographic groups have been most affected by price changes.
Key Findings
- Despite a dramatic decline in inflation over the past two years, 59 percent of adults who responded to the US Census Household Pulse survey in May 2024 were still very concerned about future price increases.
- Among those who thought prices increased in the past two months, the share of adults reporting that price increases were “very stressful” improved from a high of 50 percent in September–October 2023 to 45 percent in May 2024.
- Price-related stress and concern over future price increases were more prevalent among women, Black and Hispanic households, those with lower levels of education or income, and those living in households who had experienced a recent job loss.
- The share of Pulse respondents who used credit cards and loans to cope with rising prices steadily increased in 2023.
- Those most likely to use credit cards and loans to cope with price increases included millennials, adults with some college education, adults living in households that had experienced a recent job loss and/or had moderate incomes ($35,000–$74,999).