- Individuals, on average, plan to spend $1,004 on gifts this holiday season, the highest in three years.
- Inflation is now the top issue of concern in the country, over Covid. Last quarter, the two issues were tied.
- The CNBC All-America Economic Survey of 800 U.S. adults was taken from Dec. 1 thru Dec 4 and is done quarterly.
Americans plan to spend with gusto this holiday season despite concerns about the economy and inflation and worries that supply bottlenecks might delay the arrival of their gifts.
The CNBC All-America Economic Survey finds that individuals, on average, plan to spend $1,004 on gifts, up 13% from the pandemic-depressed number last year, and the highest number since 2018. The survey of 800 adults across the country found 15% plan to spend more this year, up from 11% in 2020, and 35% plan to spend less, down from 39%.
The survey found that inflation has catapulted ahead of Covid to become the top issue of concern in the country. Last quarter, the two issues were tied. Meanwhile, 41% of the public believe the economy will get worse in the next year, a modest improvement from last quarter, but still a largely pessimistic number and up 7 points from a year ago.
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