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Even thoughinflationhit its highest point in June of 2022, prices have steadily risen this year.
Data fromStatistashows that in March 2024, prices were 3.5% higher than prices from March 2023.
Here are the everyday splurgesthat the middle class can no longer afford.
Concerts and Live Events
Ticket prices have skyrocketed in recent years.
Because of these hefty prices, concerts and other live events have now become unaffordable for middle-class consumers.
Contributing factors include increased production costs, higher artist fees and inflation.
If consumers still wish to enjoy live entertainment but not hurt theirbudget, cheaper alternatives are out there.
Look for local or smaller-scale events, which tend to be more affordable, Priestly said.
Many communities offer free or low-cost entertainment options, especially during the summer.
In 2023, it was around $6.
With the increasing price of coffee, this everyday luxury has now become too expensive for middle-class coffee drinkers.
Many middle-class families are now opting for store brands or generic alternatives to manage their budgets more effectively.
Switching to store-brand grocery items, buying in bulk or shopping atdiscount grocery storescan reduce your monthly grocery bill.
Utilizing store sales and coupons can also help middle-class shoppers save on groceries.
Sams Club and Costco are also good options forbulk buying access.
When it comes to store-brand items, a cheaper price doesnt always mean cheaper quality.
Anything that has an excellent generic swap is a good choice, Rasure said.
This isnt true forevery product or grocery item, but it can often work.
Store brands taste good or perform well frequently.
Streaming services have also risen in price.
For instance, Netflix cost $8 a month in 2011 and rose to $11.99 in 2023.
It announced this year that it expects this cost to increase.
Luxury Clothing
The price of designer clothing and accessories has also seen a significant increase.
If middle-class shoppers want good-quality clothing that will last, this comes with a heavy price tag.
Many middle-class people face pressure to live a certain lifestyle despite the rising costs.
Consider staycations or day trips to nearby attractions instead of more expensive travel options, Priestly said.
Taking advantage oflocal parks, museums and community eventscan provide enjoyable and low-cost leisure opportunities.
Little ones are easy to kindly and often enjoy a mini-staycation at a local hotel with a good pool.
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