Americans Plan to Tighten Holiday Spending in 2024

As the holiday season approaches, Americans are already rethinking their spending habits, with many planning to cut back. According to a recent Bankrate survey, 33% of U.S. holiday shoppers intend to spend less this year compared to 2023.

This shift in consumer behavior reflects growing caution around spending and the use of credit cards. Economic uncertainties, coupled with rising costs and interest rates, have likely fueled this trend.

For many, the holidays will still be a time of celebration, but with a more budget-conscious approach. This could mean smaller gift lists, more DIY presents, or simply scaling back on festive activities.

The data suggests that Americans are prioritizing financial stability over holiday splurges, signaling a more frugal and thoughtful approach to the upcoming season. Retailers may need to adjust their strategies as consumer spending trends continue to evolve.