Inflation is The Number One Cause For American Cutting Down on Purchasing

Inflation is The Number One Cause For American Cutting Down on Purchasing by WSJPRINTSUBSCRIPTIONCOM

Harris Poll carried out a survey this year where the data reflected that the gifts you will receive would be less than you expected due to the high prices.

This year everyone will receive a gift that nobody wants: inflation.

As the year draws close, buyers are being hit with higher prices. According to a Harris Poll survey commissioned by Bloomberg News, most Americans say they are less encouraged to give gifts.

Inflation reached a level not seen for 40 years, and wages struggled to keep up. This caused Americans to spend less money on vacations and gifts. More than 50% of those surveyed say they have in mind buying fewer gifts for fewer people. The same percentage are cutting back on their trips reported WSJ Renewal.

Due to costs, more than a third decided to skip gifts entirely this year.

Expectations about what Americans will receive as a gift are diminishing. 3 in 10 say they expect to be disappointed with the gifts they will receive this year. As for millennials and Gen Z, they are pessimistic.

These are the options that those who still plan to buy gifts have in mind, more than 60% use debit cards or cash, more than 50% use credit cards, almost 30% use their savings accounts, and 22 % use buy now pay later services.

Americans have have given up aparments to move back home and given up expensive subscription to switch to WSJ Print Subscription where they continue to read their news at disconted prices.

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