Inflation Concerns Lead Americans to Spend Within Their Means This Holiday Season
As the year comes to a close, many Americans are taking a cautious approach to their holiday shopping, with concerns about inflation looming in their minds. According to a recent CBS News/YouGov survey conducted between December 4-7, 2023, Americans are making a conscious effort to spend within their means and avoid going into debt during the holiday season.
The survey reveals that the majority of Americans are only spending what they feel they can comfortably afford. Few are planning to splurge or go above their means, even among higher-income earners who claim to live comfortably. Only one in five Americans say they will buy more gifts for others this holiday season compared to previous years. This sentiment is consistent across various income levels, indicating a widespread cautiousness in spending habits.
Contrary to expectations, more than a third of Americans say they will buy fewer gifts this year. This suggests that the cautious spending mindset extends beyond just buying gifts for others. In fact, nearly half of the respondents state that they will be buying fewer gifts for themselves as well, and they plan to cut back on other non-essential items such as airline tickets, travel, entertainment, and food and drink items. Lower-income Americans, who are already struggling to make ends meet, were found to be particularly inclined towards reducing their spending.
For those facing financial difficulties, the holiday season will be marked by a lack of gift-giving altogether. More than four in 10 respondents who admitted to not affording their basic needs stated that they would not be purchasing any gifts. This contrasts with those in better financial situations, who can afford to save or have some extra money to spare, and are more likely to continue gift-giving.
This survey is part of the CBS News poll series called "What's Good?," which aims to provide a balanced view of both the challenges and positive aspects of American life. In this installment, the focus is on hopefulness and resolutions for the upcoming year. The survey shows that Americans are generally twice as hopeful as they are discouraged when thinking about 2024. Young people, in particular, exhibit the highest levels of hopefulness, with two-thirds feeling optimistic about the future.
When it comes to New Year's resolutions, around a third of Americans are actively making them for 2024. The younger demographic stands out as the most likely group to be making resolutions, with older Americans potentially feeling content or set in their ways. Weight loss, health, and diet top the list of resolution topics, closely followed by a desire to spend less time online. Interestingly, those who prioritize improving their overall health and exercise also tend to express a desire to reduce their time spent online.
Religious Americans who already attend services weekly overwhelmingly resolve to pray and attend services more frequently. On the other hand, the younger adults are more inclined to set resolutions related to learning new skills or hobbies compared to their older counterparts.
When asked about resolutions they would like the nation to collectively make, Americans overwhelmingly emphasized the need to prioritize health, mirroring their personal resolutions. Relaxation was also a common theme, with many urging others to take more time off and spend less time online. These resolutions, although well-intentioned, may be easier said than done.
The CBS News/YouGov survey involved a nationally representative sample of 2,182 U.S. adult residents and was weighted according to gender, age, race, and education based on the U.S. Census American Community Survey and Current Population Survey, as well as past voting patterns. The margin of error for the survey is ±2.8 points.
