A recent WalletHub survey, led by expert Cassandra Happe, sheds light on the challenging landscape of holiday gift-giving. Despite a promising start to online spending, the forecast for this season appears frosty due to inflation’s impact on the economy. Happe’s insights indicate a significant shift in consumer behavior, with 30% planning to cut down on gift expenses compared to the previous year, while a substantial 25% of Americans still grapple with lingering debt from prior holiday seasons.
The survey underscores a sobering reality: over one-third of Americans are opting out of gift-giving altogether, signaling a substantial change in holiday traditions. Shockingly, nearly a quarter of the population continues to struggle with debts accrued from the previous year’s holiday expenditures. As inflation continues to surge, people across the nation are reevaluating their spending habits, with many scaling back due to rising costs. The data illustrates a cautious approach to holiday shopping, highlighting the financial challenges faced by consumers.
