Consumer spending has fallen this holiday season, with 41% of shoppers saying they plan to spend less in 2022 than they did in 2021. Average spending on gifts has fallen 10% from last year, from $1,004 to $907. Reasons for the reduction in spending stem from concerns about inflation, the economy and home prices.
Hart Research conducted the national telephone survey of 801 adults from November 26-30, 2022. It has a margin of error of +/- 3.5%.
Read the full findings here.