Americans are rethinking their approach to holiday celebrations this year, with many choosing to prioritize joy over spending as financial pressures mount.
A new survey from CouponFollow reveals nearly one in three people plan to spend less this holiday season compared to last year. The study, which surveyed more than 1,000 U.S. adults about their holiday spending plans, found that 40% are cutting back on gift giving due to inflation.
The financial strain is evident across the country. Nearly two in five Americans feel financially insecure about affording the holidays this year, while 45% feel pressured to spend more than they can comfortably afford. Despite these concerns, the average American budget for holiday spending remains just over $1,000 this year.
However, the pressure to create perfect holidays is taking an emotional toll. The survey found that 63% of respondents say the pressure to make the holidays perfect is leaving them emotionally burned out.
In response, families are shifting their focus from material gifts to meaningful experiences. Instead of focusing on piles of presents, many are embracing thoughtful, experience-driven celebrations.
This trend varies by generation. Millennials are leading this shift at 58%, followed by Generation X at 54%. Baby Boomers are most likely to celebrate without buying gifts at all.
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