More than half of Americans plan to spend less for Christmas, poll says

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Friday, November 18, 2022
More than half of American plan to spend less for Christmas, poll says
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Economists are not expecting a robust Black Friday.

CLAYTON, N.C. (WTVD) -- Clayton mom Ericka Lund has started picking up Christmas gifts for her two kids.

She says, unfortunately, as a one-income family, the holiday celebration will be scaled back this year because of inflation.

"In the past, we've spent more money, but this year we've talked about it and said we're going to have to budget," said Lund.

A new survey finds 48% of American consumers will spend less this holiday season and 56% say inflation is the biggest concern this holiday shopping season.

Economists are not expecting a robust Black Friday, but say consumers could still spend big.

People were able to stash away cash during the pandemic.

The Federal Reserve estimates U.S. households accumulated more than $2 trillion in savings.

"They could decide to use that to have the same kind of glorious Christmas that they wanted to in the first place, so there are a lot of moving parts here," said NC State economist Mike Walden.

Little Details' Jessica Throneburg is hoping for the best, but also making preparations.

"I think that it's going to be a little harder this year," she said.

Throneburg will be offering a number of promotions to attract shoppers inside the store but can only do so much.

"You're not going to see as deep of deals at small businesses, because frankly, we don't have the margins for it, but I do think people will still want to shop small because they see the value of small business," said Throneburg.

She says on the upside this holiday season, she's not experiencing the same supply chain issues as before. Pretty much everything she's ordered has come into her store.