Many who are struggling financially won’t be buying any gifts this season

How to talk about the economy over holidays

How to talk with your family about the economy over the holidays 04:40

With many people across the country concerned about inflation, Americans say they’re spending within their means this holiday season. Very few are planning to go into debt to spend, and most are spending what they feel they can afford. And so, to keep spending in line, many won’t be buying more gifts than they have in previous years.

Just one in five say they’ll buy more gifts for others this holiday season, compared to recent past years, and this is true even among higher-income earners and those who say they can afford to live comfortably. In contrast, more than a third say they will buy fewer gifts. A plurality won’t change their gift-buying habits either way.

And they won’t be buying more things for themselves, either. Nearly half say they will be buying fewer gifts for themselves this season, as well as cutting back on other items. Similar percentages will be buying fewer airline and travel tickets, fewer entertainment tickets or events, and fewer food and drink items. Not surprisingly, this is particularly true of lower-income Americans and those struggling to make ends meet.

However, it may be a tale of extremes, depending on Americans’ financial situation.

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