While the US has made it through the Great Depression and a number of recessions, the COVID-19 pandemic has put a new twist on the experience.
According to Business Insider, the lowest-earning households have taken the biggest hit to their incomes, in terms of percentage of income lost.
However, upper-income consumers have made the deepest spending cuts in total dollar amounts. That's because they have so much budgetary fat to trim.
Opportunity Insights said two-thirds of the total decline in credit card spending for January through May came from the top 25% of US earners.
Finance experts say the embrace of frugality is across the board. Consumers are shelving plans for big-ticket items, and becoming big fans of dollar stores.