U.S. consumers expect their monthly spending to grow above pre-pandemic levels this year but people are becoming less likely to spend big on vacations and other non-essential items – a sign that more households may be more concerned about rising prices, according to a survey released Monday by the New York Federal Reserve.

The survey showed that consumers expect to spend more on daily living expenses in the coming year. But it also showed that consumers are becoming less likely to spend large amounts of money on home repairs, vacations, appliances and other expensive purchases.

“In contrast, households report a lower likelihood of making large purchases over the next four months, which points to the likely contribution of elevated inflation expectations,” researchers wrote.

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