Economy

Many Americans plan to spend less this holiday season as Covid lingers

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Shoppers hold hands at the Willow Grove Park Mall in Willow Grove, Pennsylvania, November 14, 2020.

Mark Makela | Reuters

Almost 40% of Americans plan to spend less on gifts this holiday season than they did last year, the largest such percentage since 2013, according to the CNBC All-America Economic Survey.

Just 11% plan to spend more, as Americans continue to cope with surging Covid-19 cases and widespread unemployment. The average American plans to spend just $886, down 10% from their planned spending last year, according to the survey.

Of the 800 Americans surveyed, 29% said they plan to spend less due to lost wages or income, 19% cited the coronavirus, and 17% cited the poor economy….



Source cnbc.com

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