Katharina Buczek
People also plan to spend less time going shopping and are lowering their gift counts.
In fact, people bought an average of sixteen gifts for loved ones last year. This December, though, Americans will only purchase an average of nine gifts for family and friends.
The humbug economy has also pushed people to get creative with their gift-purchasing tactics. An August survey conducted by Bankrate found that eighty-four percent of holiday shoppers plan to use money-saving strategies this season.
For instance, Americans will be relying on coupons and discounts much more heavily, as well as purchasing fewer items, buying cheaper or off-brand presents, and even making gifts themselves.
Still, the fate of the holiday season is not entirely sealed. Surveys are not always entirely representative of U.S. consumers, and a blip in the stock market or a decline in food or gas prices could lead to an upswing in consumer spending.
In the meantime, though, families who have been forced to stick to strict budgets are also contributing to a downturn in charitable donations. This year, the amount of donors to charities and nonprofits has plummeted over twelve percent since 2021.
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