Many Americans will look to save money this holiday season by cutting back on how much they spend on gifts, with about 40% saying they plan to spend less this year, according to a survey from CNBC.
The financial network asked 800 Americans in its CNBC All-America Economic Survey whether they plan on spending more or spending less during the holidays this year.
- 39% will spend less.
- 11% will spend more.
CNBC notes that in 2017, 25% of Americans said they planned to cut back spending during the holidays, while 18% said they would spend more than usual.
When the 2020 respondents were asked why they were spending less:
- 29% cited loss of wages or income.
- 19% cited the coronavirus.
- 17% cited the economy.
- 16% cited a need to save money.
CNBC also notes that while people from all income levels reported cutting back on spending, “the wealthiest Americans could be holding back the most” this year.
“It does seem like those Americans earning over $100,000 are holding back a little bit more than they did in 2019,” said Hart Research Associates partner Jay Campbell.
The CNBC All-America Economic Survey polled 800 Americans across the country, with a margin of error of +/- 3.5 percentage points.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.