Ready to tackle your holiday shopping but your budget isn’t so sure? You’re not the only one, a new report reveals many people are cutting back on spending for the holiday season, but they’re not happy about it. A lot of Americans just aren’t feeling festive this year and two-thirds blame the “Grinch Economy.”
WalletHub’s Holiday Spending Report finds that 67% think the holidays will be less fun this year because of the economy.
- Thanks to concerns over tariffs boosting prices, inflation and the labor market, many are tightening their belts this season, including 85% who say they’ll spend the same or less than last year.
- Six in 10 also say they’ll be giving less to charity this year.
- A third admit they’ll be applying for a new credit card to help buy presents for the holidays and 43% don’t think they’ll be able to pay for gifts in full by the due date.
- And it turns out, some are still dealing with holidays past, including one in four who haven’t paid off last year’s holiday debt yet.
These concerns didn’t stop some Black Friday bargain hunters, as shoppers spent a record $11.8-billion online Friday, up 9.1% from last year, according to Adobe Analytics. They found that between 10 a.m. and 2 p.m., $12.5-million was spent online every single minute. More than half (55%) of online Black Friday purchases were made on a mobile device, and Adobe reports that sales spiked for electronics, appliances, and toys.
Source: NY Post