Thanks to inflation, 60% of Americans are cutting back on their holiday spending and shopping lists this year, new research shows. But that doesn’t mean they’ve lost the spirit of giving, especially for their pets.
A new survey of 2-thousand adults finds the average holiday shopping budget is down by around $200, or 23% from last year. And to afford their holiday spending, 47% of respondents say they’re cutting back on eating out and other non-essentials.
The poll also reveals:
- When it comes to holiday budgets, just over a third (37%) of respondents say they’ll be spending $250 on gifts this year, while 16% say they’ll spend less than $100.
- People really love their pets and 34% of surveyed will be buying a present for their dog, while 22% will be getting their cat a gift. But only 19% say they’re purchasing presents for their in-laws.
- Younger generations are getting crafty, with 25% of Gen Zers and 23% of millennials saying they plan to make gifts this year - more than any other age group.
- These generations are also the most likely to give home cooked or baked items as gifts. Overall, 45% of presents from respondents will be DIY or second-hand this year.
- Top picks for presents include convenient gifts like gift cards (52%), cash (24%) and slippers or socks (24%).
- Nearly three-quarters (73%) of respondents say they love finding the perfect gift for someone, while about a quarter (23%) say they end up shopping “mostly for myself.”
Source: Personal Capital