Inflation Dampens Holiday Cheer for Most Americans This Year
• 55% of Americans are cutting back on holiday spending this year due to high inflation, up from 46% last year and 40% in 2021 • Lower income Americans are most impacted, with 67% of those making under $50k cutting back compared to 48% of higher earners • 31% of Americans are working overtime or side hustles to afford holiday costs • 74% say inflation is influencing holiday spending, 46% are skipping travel to save money • Despite cutbacks, most still plan holiday traditions like music, decorating, baking, and charitable volunteering