Demand for joyful experiences is still strong, yet consumers are having to make tough choices about how to spend their hard earned money.

Over 60% of Americans report that they are "pulling back" on spending, up 9% since just last month. More people are continuing to find that they are living paycheck-to-paycheck (45%).

With funds tight, consumers are reducing the amount of times they go out, but splurging more when they do go out. They're making tradeoffs, and balancing saving and splurging. Watch the full interview with Newsy!