It’s time to start thinking about holiday shopping, if you haven’t already, and a new report reveals most people plan to be a little less generous this year, although it may not be for reasons you think.
The new Debt.com survey finds:
- Two-thirds of Americans plan to spend less this holiday season.
- While holiday spending topped $1,000 per consumer last year, this year:
- 73% said they’ll spend less than $500
- 18% said they’ll spend up to $1,000
- 6% will spend up to $1,500
- Only 2% will spend over $1,500
- Only about one-third of folks plan to spend the same amount as they did last year.
- While the pandemic has hit a lot of folks’ finances hard, 60% said their reason for spending less doesn’t have to do with the economy.
- 37% won’t spend as much because they “feel less pressure to buy gifts because of virtual celebrations.”
- Another 23% say it’s because they “don't expect loved ones to spend much on me due to the pandemic.”
- Only 11% say it’s because they lost their job due to the pandemic.
The area most folks are likely to be cutting back on this year is travel.
- 18% of people will only be celebrating virtually this year.
- 31% still plan to celebrate in person.
- 51% will do some sort of a combination of both.