Surging inflation has already whacked people in the wallet, but the $6 butter for the Thanksgiving table and $85 price tag on the Magic Mixies Magical Misting Crystal Ball many children want for Christmas has sent consumers into shock.
New data from CRC Research shows that well more than half the nation has decided to cut back on spending for the holidays due to higher prices.
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In a survey for the 85 Fund provided to Secrets, the Virginia-based firm said 56% of people cut back spending on Thanksgiving and that even more, 69%, are slashing their Christmas spending.
“Holidays have taken a large hit this year, with over half of registered voters surveyed indicating they are cutting back on their Thanksgiving dinner plans due to increased grocery costs,” said Mia Phillips, senior vice president of research and analytics at CRC.
“Looking ahead to the upcoming Christmas season, nearly 7-in-10 registered voters are expecting to cut back on Christmas shopping this year, and 81% of parents with children under 18 are cutting back due to the increase in prices from last year,” she said.
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Her data, shown below, indicate that the impact of inflation is being felt universally, though it of course hits families and those earning less hardest.
“These economic circumstances hurt young people and their families more, as 66% of those age 25-34 [are] saying they will be cutting back this year,” Phillips said.
