(NewsNation) — More than half of Americans expect to spend less on fun expenses — like entertainment, travel and eating out — this year, according to a survey from Bankrate. 

Around 54% of respondents said they plan to slash their nonessential spending in 2025, up from 49% last year.

Bankrate senior industry analyst Ted Rossman said the pandemic-era trend of “doom spending” — embracing unique, exciting experiences because it felt like life was too short — is ending.

“We’re finally seeing a limit to the ‘you only live once’ urge to splurge,” Rossman said.

This survey revealed that 38% expect a decrease in their travel spending, and 39% expect to spend less on dining out and live entertainment.

President Donald Trump’s tariffs have stoked fears of a recession, and household debt hit a record $18.2 trillion in the first quarter of 2025, according to the Federal Reserve Bank of New York.

A large majority of U.S. voters, 82%, are worried about a potential recession under the Trump administration, according to an exclusive NewsNation/Decision Desk HQ poll conducted in April.

“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.

Conversely, one-third of respondents said they plan to have more discretionary spending this year, with 22% opting to fund travel, 19% dining out and 15% entertainment.

The cost of travel is down from last year, according to Bankrate. That includes the price of gas, car rentals, airfare and hotels.

But survey responses showed it might not be just finances keeping consumers from cashing out on experiences. While 65% said they can’t afford it, 23% said they’re just not interested in travel and 16% said it’s too much of a hassle.