30% of Americans are spending less on holiday gifts this year

Candice JaimungalSocial Media Contributor
December 21, 2020, 1:00 PM GMT+0

The financial burden of the holidays can add to the overall stress of the season – and with the coronavirus pandemic amidst, how are the wallets of Americans faring?

While half (49%) of Americans say they are in about the same place financially than they were in December 2019, 29% say they are financially worse off. Women (34%) are more likely than men (24%) to say that they are in a worse place financially than they were last holiday season.

The coronavirus pandemic may be to blame for cuts to holiday spending, with 30% of Americans saying they will spend less on gifts than last year. Most Americans who plan on shelling out for holiday gifts expect to spend $500 or less (56%), including 31% who will spend $200 or less. Additionally, 15% of Americans say they don’t intend to purchase any gifts at all.