This holiday season, many Americans are feeling the pinch of inflation. A recent survey reveals a gloomy outlook on holiday shopping and charitable giving.
Santa’s Slimmer Sack?
A significant 68% of respondents believe inflation will make Santa Claus less generous this year. This sentiment is backed up by the fact that 31% plan to spend less on gifts than they did last year.
Debt and Credit Cards: A Holiday Tradition?
The survey also highlighted a concerning trend: almost half of those surveyed still owe money from last year’s holiday spending. To make matters worse, a whopping 52% plan to use a new credit card to finance this year’s gifts. Even more alarming, 16% expect to be paying off their holiday debt until spring 2025!
Charity Also Suffers
Inflation’s impact extends beyond personal spending. A large majority (72%) reported that their charitable giving will also be affected by rising prices.
Worth It? Most Say Yes
Despite the financial strain, a surprising 72% still believe that holiday shopping is worthwhile.
A Divided Nation: Consumer Sentiment
While consumer sentiment has shown a slight uptick, it remains below the positive threshold. Experts note a political divide in how Americans view inflation and its future impact. Democrats are more worried about potential policy changes causing inflation to rise again, while Republicans are more optimistic about future inflation under a new administration. Ultimately, national sentiment reflects the varied economic experiences of the American public.
