A recent survey by Empower found that 74% of Americans are facing financial challenges due to inflation, with 31% working overtime to afford holiday purchases.
Many are cutting back on travel and holiday traditions, and 34% are trimming budgets.
The survey also revealed that 37% plan to spend no more than $250 on gifts, while only 10% budget $1,000 for gifts. (Trending: Top Democrat Loses In Historic Landslide)
“The survey shows that over a third (34%) are trimming their budgets in favor of saving this year, while others are cutting back on buying gifts or non-essential expenses like dining out to stay on track,” Empower spokesman Courtney Burrell said.
“How you allocate your holiday budget will depend on what’s most important to you — this year, you may prioritize travel to visit family that you typically only see during the holidays over decorations or cut back on social commitments in order to give yourself a larger budget for holiday gifts,” Burrell added.
“The holidays come with financial considerations, and this year, many will be especially mindful of their spending choices during these last months of 2023,” Empower noted.
Additionally, Christmas tree prices have risen by 10% compared to 2022, and Thanksgiving dinner costs were up by more than 25% compared to 2019.
Inflation has led to increased household debt and a 2.3% decrease in median income in 2022.
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