Story at a glance
- Poll results show anticipated spending varies based on income.
- Those with family incomes of less than $50,000 are more likely to say they’ll spend less this year than those who make $50,000 or more.
- It’s estimated the average American will spend $1,455 this holiday season.
More than one-third of Americans say they’ll spend less on holiday expenses this year than in previous years, according to a new Economist/YouGov poll.
The findings come as the vast majority of Americans say they’ve felt the financial squeeze of high inflation in their own lives, while few anticipate inflation rates will lower in the coming months, YouGov data show.
This year’s Deloitte holiday retail survey estimates the average American will spend around $1,455, similar to 2021 levels. In addition, more than half of Americans plan to spend money on travel and social events this season.
The Deloitte survey also found 37 percent of Americans say their financial outlook is worse this year compared with last year.
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YouGov results show 38 percent of all adults who celebrate a winter holiday plan to spend less this year. Two in 5 Americans plan to keep their holiday spending the same, and 17 percent anticipate spending more this season.
Findings vary based on annual income.
For families with yearly incomes less than $50,000, nearly half said they plan to spend less this year compared with years past.
Thirty-seven percent of families with incomes ranging from $50,000 to $100,000 said they would spend less this year, and just 28 percent of those with incomes more than $100,000 said they’d spend less.
Half of respondents in the highest income bracket plan to spend the same on the holidays this year than in years past.
Although the issue of inflation and high prices has been top of mind for many Americans since YouGov began polling on the topic in July, the percentage who named it as their top issue dipped to a historic low of 17 percent in December.
In comparison, 27 percent said it was their top issue in a mid-November poll, marking a historic high.
Some Americans report concern about meeting routine monthly expenses this season. More than 70 percent of respondents said they “definitely or probably” have enough money to pay this month’s bills. For families with annual incomes less than $50,000, only 63 percent said the same.
A similar percent of younger adults between the ages 18 and 29 said they’re confident in their ability to pay this month’s bills.
A total of 1,500 U.S. adults completed the survey between Dec, 17-20, 2022.
This story was updated at 3:23 p.m.
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