Most Americans expect to cut back on holiday shopping this year due to rising prices.
WHY IT MATTERS: U.S. businesses are already struggling with higher overhead costs due to inflation. Lower consumer spending for the holidays would be an additional challenge, which could lead to layoffs in 2023.
FULL RESULTS – A survey, conducted before Thanksgiving by CRC Research for the 85 Fund found:
- 56% of Americans were cutting back on Thanksgiving dinner plans due to the increase in grocery costs
- 69% of Americans expect to cut back on Christmas shopping because of increased prices
- 81% of parents with children under 18 expect to rein in Christmas shopping.
BOTTOM LINE – Inflation makes it harder for people to do what they want to do – be it run a business or provide for their family.
GO DEEPER – Click here to read