Summary
Many Americans plan to give fewer gifts this Christmas because tariffs and higher prices are affecting their budgets. According to a survey, a significant number of people are borrowing money to cover holiday expenses, leading to increased debt. Despite these challenges, holiday spending has remained strong.
Key Facts
- 45% of people surveyed plan to give fewer gifts due to tariffs.
- 46% said higher prices have affected their holiday feelings.
- Americans have taken on an average of $1,223 in holiday debt this year.
- 62% of this debt is on credit cards, and 35% comes from buy now, pay later loans.
- 49% of people expect to incur holiday debt, and 41% are still paying off last year's debts.
- 63% think it will take three months or more to pay off this year's holiday expenses.
- The National Retail Federation estimates that 203 million people shopped over Thanksgiving weekend.
- Adobe Analytics reported $14.25 billion spent online on Cyber Monday.
