You may have seen reports that American consumers are expected to come out in droves for holiday shopping this season, spending more than in last year’s pandemic-plagued retail environment and clearing the shelves. of their already thin stocks.
While this may be true, it doesn’t necessarily mean people will find more goodies under the tree this year. This is because an alarming number of people are considering skipping all of the Christmas presents.
According to CNBC, a recent poll indicates that 11.5% of those polled have no intention of giving a gift. The reason? The uncertain and bloated financial world. Everything from products to gasoline to groceries is increasing. As a result, families in the lower income brackets are much more conservative than ever about their spending. And it seems like gifts are the only expense they choose to eliminate.
So how can overall retail spending increase by around 10.5% from last year? The answer lies in the higher income brackets, where the more financially comfortable consumers plan to spend more. Low-income participants who donate can spend around $ 536 on gifts: those earning more than $ 100,000 could spend an average of $ 2,624.
The 11.5% of respondents opposed to freebies are up from just 3% from 2019 and around 5% from 2020. The survey, carried out by financial consultancy firm Deloitte, interviewed 4,315 consumers in September of this year.
And even though those interviewed said they weren’t considering buying freebies, that doesn’t mean they won’t give gifts. Do-it-yourself gifts like crafts, baked goods, or just a general good mood can be just as meaningful as anything sold in stores, if not more.