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Some Americans are feeling the effects of inflation heading into the holiday season, according to a 2023 survey from WalletHub.
The online survey, which collected answers from nearly 250 respondents nationally, found more than 1 in 3 Americans are foregoing gifts this year due to inflation.
Thirty-four percent of respondents said their family was foregoing gifts due to inflation, while 66% said their family was not.
More than 1 in 3 Americans are foregoing Christmas gifts due to inflation, according to a WalletHub survey. (Unsplash)
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The survey also found that 28% of people will spend less on holiday shopping compared to last year and nearly 1 in 4 still have holiday debt from the previous year.
Fox News’ Mollie Line said the Salvation Army’s Angel Tree was a good way to help fellow Americans struggling with the effects of inflation during the Christmas season.
“One of the things we’re seeing all across America is the Salvation Army is reporting this great need for the angel tags. This is happening in Denver where some 10,000 gifts they’re trying to work on getting out to kids. In my home city, Waltham, Massachusetts, they had over 500 tags that they were trying to fill and get out. And down in Texas, they’re talking about this as well,” she said on “The Big Weekend Show.”
The Salvation Army Christmas Tree at Target in Santa Ana, where the public is encouraged to select an angel with a child’s name and gift preference and purchase that gift for that child. ((Photo by Al Schaben/Los Angeles Times via Getty Images))
“Across north Texas, the Salvation Army trimmed tags for tens of thousands of angels in need,” Line continued. “So if you are someone that is a little bit more fortunate, there are a lot of opportunities to help those that this year really are affected by the utilities being higher, by inflation, by the cost of food, by making your own eggnog and the things you got to buy to put in a pie that I don’t know how to make.”
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The WalletHub survey found nearly 1 in 5 Americans will apply for a new credit card to help with holiday shopping and nearly half of Americans say their charitable giving is affected by inflation.
Forty-seven percent said their charitable giving is affected by inflation while 53% said it was not.
Co-host David Webb said Christmas is about more than receiving gifts; it’s also about giving.
Find amazing gift options for everyone on your list this year without spending a fortune (iStock)
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“One of the things you can do is make memories with your family members, with friends. I love the idea of giving because when you give and someone you know really needs it, I think that’s a great feeling. It’s charitable,” he said. “It’s one of the great things about our culture, about our society. We’re the most giving nation on the planet.”
