Does Your Holiday Shopping Look Different This Year? Study Says You're Not Alone

I will be honest. My holiday shopping looks very different this year, and it is not by choice. I have cut back on gifts, delayed a few purchases, and if buy now pay later did not exist, my Christmas tree would be looking pretty bare.

It turns out I am far from alone.

According to the latest CNBC All-America Economic Survey, 41 percent of Americans plan to spend less this holiday season than last year. That number is up six points from 2024 and reflects the biggest jump since inflation spiked in 2022. For nearly half of those cutting back, the reason is simple. Everything costs more.

The survey found that high prices are now the top factor influencing both how much people spend and where they shop. Even among Americans who say they will spend more this year, more than one-third say it is because prices are higher, not because they feel financially better off. In past years, spending more usually meant people felt more secure. That no longer seems to be the case.

I feel that disconnect every time I check out online. Prices rise faster than paychecks, and according to the survey, 61 percent of Americans believe their income is falling behind the cost of living. That number jumps even higher among lower-income households, which is where many working-class families like mine land.

What worries me most is the broader direction of the economy. With President Trump back in office and signaling more aggressive economic policies, I am nervous about where things are headed. History has shown that political leaders on both sides talk a lot about growth and markets, but far less about the day-to-day reality of working people trying to afford groceries, rent, and holiday gifts.

The survey also found that 57 percent of Americans are carrying debt into the holiday season, up sharply from last year. That includes younger adults who are already juggling student loans and rising housing costs.

For many of us, the holidays are no longer about splurging. They are about budgeting, stretching payments, and hoping the economy starts working for the people who keep it running.

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