From Business Insider · Dominick Reuter · · 1m 30s
Americans cutting back on gifts for fewer people
High prices are pushing more than two-thirds of Americans to reduce holiday spending, with nearly half planning to buy gifts for fewer people this year.
In brief
High prices are pushing more than two-thirds of Americans to reduce holiday spending, with nearly half planning to buy gifts for fewer people this year. An Ipsos poll shows forty-six percent of Americans plan to buy gifts for fewer people this year, up from thirty-seven percent last year, as economic pressures force…
Two-thirds cutting holiday spending
An Ipsos poll found that current economic conditions are leading more than two-thirds of Americans to plan on cutting back on holiday spending in categories like dining out, travel, decorating, and hosting parties.
Nearly half buying for fewer people
Among those making cuts, two-thirds said they intend to buy fewer gifts overall, and forty-six percent said they're getting gifts for fewer people, up sharply from thirty-seven percent last year.
One entrepreneur prioritizes closest relationships
David Brown, an entrepreneur with several lines of business in Georgia, said his Christmas list is getting shorter this year as he prioritizes the people he cares about most, like his kids, his wife, his…
“Christmas time is my favorite time of the year because it's more peace, it's more love in the air, more family bonding time.”
Shoppers expect higher prices across categories
Two-thirds of Ipsos respondents said they expect electronics and gadgets to be more expensive this year, and about half said toys, apparel, and home goods will cost more.
Households cutting spending to offset bills
Even if gifts don't cost more than last year, households are looking for savings to offset higher bills. Jefferies analysts said consumers are cutting back on grocery spending to offset higher gas prices.
The key point
An Ipsos poll shows forty-six percent of Americans plan to buy gifts for fewer people this year, up from thirty-seven percent last year, as economic pressures force holiday cutbacks.
