• While many Americans are concerned about ongoing trade tensions, few have changed their spending habits until now.
• Going forward, consumers are prepared to make fewer non-essential purchases, recent studies show.
• That has far-reaching consequences for the U.S. economy.

After a bout of , more consumers are prepared to rein in their spending and live with less, recent studies show. Even President Donald Trump suggested that Americans should be .

"[Americans] don't need to have 250 pencils," Trump said on 온라인카지노사이트 News' "." "They can have five."

According to a study by , 83% of consumers said that if their financial situation worsens in the coming months, they will strongly consider cutting back on their non-essential purchases.

Over half of adults, or 54%, said they'll spend less on travel, dining or live entertainment this year, compared to last year, a new report by also found. The site polled nearly 2,500 people in April.

"Moving forward, people may not be able to absorb these higher prices," said Ted Rossman, Bankrate's senior industry analyst. "It sort of feels like something has to give."

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Economy is 'at a pivot point'

While many Americans are concerned about the effect of on-again, off-again tariff policies, few have changed their  yet. Up until now, that is what has helped the U.S. avoid a recession.

Because it represents a significant portion of Gross Domestic Product and fuels economic growth, consumer spending is considered the backbone of the economy.

"Consumers are still spending despite widespread pessimism fueled by rising tariffs," said Jack Kleinhenz, chief economist of the National Retail Federation. "While tariffs may have weighed on spending decisions, growth is coming at a moderate pace and consumer spending remains steady, reflecting a resilient economy."

However, now the economy is "at a pivot point," according to Kleinhenz.

"Hiring, unemployment, spending and inflation data continue in the right direction, but at a slower pace," Kleinhenz said in a recent . "Everyone is worried, and a lot of people have recession on their minds."

Trump's tariffs jump started a wave of declining sentiment, which plays a big part in determining how much consumers are willing to spend.

"Any time there is this much uncertainty, people tend to get a little more cautious," said Matt Schulz, chief credit analyst at LendingTree. 

, which measures consumers' short-term outlook, plunged to its lowest level since 2011. The University of Michigan's consumer survey also showed  to the lowest reading since June 2022 and the second lowest in the survey's history going back to 1952.

"The cumulative effects of inflation and high interest rates have been straining households, contributing to record levels of credit card debt and causing consumer sentiment to plummet," Rossman said.

Tack on the Trump administration's on defaulted federal student loans and many Americans, who are already under pressure, will suddenly have .

As it stands, roughly half — 47% — of U.S. adults would not consider themselves financially prepared for a sudden job loss or lack of income, according to recent data from TD Bank's , which polled more than 5,000 people earlier this year.

Another 44% of Americans said they think about their financial preparedness every single day.