With the holidays approaching, many American families are making difficult financial decisions that are reshaping how they celebrate the season.
A new study from RefinePackaging reveals that one in eight Americans won't celebrate the holidays at all this year, with most citing excessive costs as the primary reason. More than one-third of families with children plan to reduce their holiday spending compared to previous years.
In an unexpected twist, 72% of parents are using Santa Claus as a scapegoat for their budget cuts. These parents are telling their children that Santa is helping others in need or simply delivering fewer gifts this year.
The financial strain extends beyond gift-giving. One-fourth of families are modifying their holiday meals by choosing cheaper dishes or opting for generic brands instead of name-brand products.
Despite the challenges, families are finding innovative ways to stretch their budgets. Seventy percent plan to use AI tools to hunt for deals and generate gift ideas, while 75% will reuse wrapping paper to save money.
The pressure to overspend remains significant, with 71% of Americans feeling compelled to spend more than they can afford during the holiday season.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
