Thrivent Survey Indicates Americans Plan to Reduce Holiday Spending Due to Rising Costs
A new survey by Thrivent reveals that 68% of Americans intend to cut back on at least one holiday expense this season. Driven by concerns over inflation and the rising cost of everyday goods, consumers are making significant trade-offs to manage household budgets. Specifically, 72% of respondents report that inflation is negatively impacting their finances heading into the holidays. The spending reductions are most prominent in dining out (44%), gift purchases (32%), and travel (31%). Notably, those cutting gift budgets are increasingly buying fewer gifts for fewer people compared to last year. Additionally, 60% of those planning to reduce travel expenses intend to skip holiday travel altogether, citing high gas prices as a major deterrent.
Topics: consumer behavior cost of living holiday spending inflation