POLL: Inflation to Make Majority of New Yorkers Spend Less on Christmas

Bah humbug!

Looks like 2024 might not break a holiday spending record after all.

Inflation continues to be a major concern among Americans, especially here in New York. Wages haven't kept up with the skyrocketing costs of even the most basic of necessities.

Earlier this month, a survey found that families are planning to take on debt to cover their expenses this year.

Read More: 1 in 4 New Yorkers to Spend Themselves into Holiday Debt

The report also found that a good portion of families are still paying off the debt they took on last Christmas.

Now that prices are finalizing for this year's shopping season and the election has been decided, Americans are starting to put together their spending plans.

Unfortunately, it seems a majority won't be buying as many presents as last year.

WalletHub found that almost 70% of families admit Santa will be "less generous" this year because of current economic circumstances.

While putting less presents under the tree may be a financial necessity, chances are parents didn't make the decision lightly.

Some may feel guilty for not being able to give their children the Christmas they envisioned - which is why 52% of respondents said they will apply for a new credit card to afford the holidays.

The survey also found 45% of respondents admitting to not paying for their holiday purchases in full by the credit due date.

Which links back to that earlier study from Marketwatch about Americans still paying off the debt they amassed last Christmas.

When it comes to those tightening their belts, 31% stated they plan to spend a lot less than 2023.

Here's to hoping retailers can read the room when planning holiday sales, otherwise the shelves might not be as barren as past Black Friday events since a shrinking number of Americans are willing to risk their financial stability over Christmas whimsy.

In fact, 72% said holiday shopping is worth the cost - which is down from previous years.

The holidays are also about charity, but even inflation is taking a bite out of spreading good cheer. About 3 in 4 respondents confessed they won't be as willing to give to charity due to their tight budgets.

Inflation continues to be the primary concern. The latest report from Forbes found consumer prices rose 2.6% between October 2023 and 2024.

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