Many Americans are cutting back their holiday spending to a degree not seen in seven years.
Approximately 40% of Americans plan to spend less on gifts this holiday season than they did last year, the largest such percentage since 2013, according to the CNBC All-America Economic Survey.
Of the 800 Americans surveyed, 29% said they plan to spend less due to lost wages or income, 19% cited the coronavirus and 17% cited the poor economy, the poll revealed, with all income groups planning to spend less this year compared with last year. Only 11% said they plan to spend more. The average American plans to spend just $886, down 10% from their planned spending last year, according to the survey.