Holidays and the household budget in the USA. Americans are tightening their belts

Rising prices weighed heavily on U.S. budgets during the holiday season. According to the latest CBS News/YouGov poll, most respondents could not afford Christmas gifts, travel and entertainment.

A nationwide survey, conducted on December 15–17 on a sample of over 2,000 people. adults in the US, shows that 58 percent respondents found Christmas expenses difficult to bear, including 17 percent described it as “very difficult”. Only 8 percent respondents said that they could easily afford shopping, and 34 percent found it “rather easy”.

The vast majority of respondents notice an increase in prices compared to last year. As much as 27 percent claims costs are 'significantly higher'and 44 percent – “slightly higher”. Households with lower incomes feel the greatest pressure: among people earning less than PLN 50,000. dollars per year 71 percent declare financial difficulties during the holidays, compared to 56 percent in the income group 50-100 thousand dollars and 58 percent among the highest earners.

With prices rising, many Americans are cutting back on spending. About 42 percent buys fewer gifts, 32 percent spend less on food and drinks, almost half give up traveling, and half reduce spending on entertainment. At the same time, respondents try to avoid getting into debt. 45 percent declares that they do not use credit at all, 30 percent uses it partially, and 25 percent finances purchases mainly or exclusively on credit.

The assessment of the economic situation in the country remains pessimistic. Almost 2/3 of respondents believe that the condition of the US economy is bad, and only 32 percent he rates it as good. The same percentage evaluates their financial situation positively, which means a decrease from 39%. in July. As much as 41 percent claims that their situation is worse than in previous years. Inflation is still a concern – 76%. respondents claim that their incomes do not keep up with price increases. Annual inflation in the US was 2.7% in November. – reported the federal agency responsible for labor market and inflation statistics (BLS).

Opinions about the labor market are equally cautious, even though the unemployment rate in November was 4.6%. More positive signals come from the stock and fuel markets. The average price of a gallon of unleaded gasoline dropped to about $2.85 from $3.04 a year earlier, according to data from the Association of American Drivers (AAA).

Andrzej Dobrowolski from New York (PAP)

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