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

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. For some Americans, holiday gift shopping is accompanied with holiday debt. One in ten say they are still paying off debt from last year's holiday gift shopping. This year, nearly a quarter (25%) of Americans say they think they will accumulate debt from purchasing holiday gifts.

Related: Donations as presents: is it good or bad gifting?

Methodology: 1,200 US adults were surveyed through YouGov Direct on December 16, 2020. Data is weighted on age, gender, education level, political affiliation, and ethnicity to be nationally representative of adults in the United States.

Image: Getty