Inflation is putting a damper on people’s holiday plans this year, with more than 67% saying they are curbing travel and gift-giving, according to a new poll.
The Christmas 2022 survey from the Vacationer showed that nearly half of those saying they are cutting their holiday spending attributed the impact to the increased costs of gifts, with another 16.75% saying higher gas prices are putting a damper on their plans.
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Others said both rising costs of gifts and travel factored into their spending decisions.
“The high levels of inflation are not stopping Americans from spending altogether,” the Vacationer told the Washington Examiner in a statement. “People may save money by buying fewer gifts, traveling to less expensive destinations, or asking relatives to stay at their place this holiday season, but American adults will not forego spending altogether.”
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The Vacationer also found that 33% of people are willing to spend more than $500 to travel this Christmas season.
The survey was conducted on Oct. 25, polling 1,003 adults with a confidence level of 95% and a margin of error of plus or minus 3 percentage points.
