78% of Americans Are Cutting Back In 5 Areas This Holiday Season
A new survey from Neighbor has found that 78% of Americans plan to cut back on spending this holiday season. This is hardly surprising given the high inflation and rising interest rates.
Where Are Americans Cutting Back?
Of the 78% planning to scale back their holidays, the following expenses will be reduced...
42% will buy fewer presents
31% will travel less
34% will not purchase new holiday decorations
27% will host fewer parties or gatherings
20% will be making fewer charitable donations
All Americans Are Affected
According to Business Insider, wealthy Americans are also cutting back.
More Hikes To Come
All the rate hikes have only succeeded in bringing down inflation to 8.2%, as per the consumer price index. This is nowhere near the central bank’s preferred 2% level.
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