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Holiday Spending: Economic Pressures Reshape Traditions
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This holiday season, a significant number of Americans are cutting back on spending due to rising prices, with forty-one percent planning to spend less on gifts and celebrations. This marks the largest jump in reduced spending since inflation began to surge in two thousand twenty-two. High prices are now the main factor influencing both how much people spend and where they choose to shop. Sixty-one percent of Americans believe their earnings are not keeping pace with the cost of living, with lower-income households struggling the most. Additionally, fifty-seven percent of Americans are carrying debt into the holiday season, reflecting a widespread concern about financial stability.
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