A new poll from Monmouth University shows that Americans are tightening their belts this holiday season thanks to inflation.
The poll of more than 800 people shows 55% of Americans plan on spending less on gifts this holiday season. That’s up from 46% who said the same last year and 40% in 2021.
All demographic groups say they’re spending less, but it’s more acute the less money you make, logically, with those making under $50,000 spending far less.
Sixty-seven percent of this lower income group have cut back this year; just under half (48%) of those in that group said the same in 2022.
“There is greater pessimism on the holiday gift-giving front,” notes Patrick Murray, director of the independent Monmouth University Polling Institute.
“The rate of inflation may be slowing but the damage has been done after a long stretch of rising prices,” he adds. He suggests many factors could be putting the pinch on our finances, including people’s post-pandemic spending habits “catching up with them.”
The poll did look into some lighter news, however. Apparently we see no need to cut back on Christmas activities: 76% say they’re participating in the holidays this year, including 75% who say they’re decorating their homes, and 69% who say they’re making Christmas candy, cookies or desserts.
On the latter, frosted sugar cookies were dubbed the season’s most popular by far, with 32% of those polled calling them their favorites. A distant second at 12% were gingerbread cookies; 11% favored chocolate chip cookies around the holidays.
Snickerdoodles came in fourth place, with butter cookies, peanut butter cookies and chocolate cookies in a three-way tie to round out the top five.
Survey questions, methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.