Inflation Dampens Holiday Cheer for Many Americans Despite Economic Gains
• 55% of Americans in new poll say inflation has resulted in cutbacks to their holiday shopping this year, up from previous years • Cutbacks most pronounced among those making less than $50k per year; 2/3 reporting reductions • Despite cutbacks, most still plan to participate in holiday activities like music, decorating, and baking • 43% say they will volunteer for charitable activities over the holidays • High cutback rates come despite falling inflation and steady economic growth, signaling pessimism about personal finances