(LibertySociety.com) – The COVID-19 pandemic is changing the way Americans celebrate the holidays. Not only are many people choosing to stay home this season, but they reportedly plan to spend less, too. Not everyone is convinced, though.
According to an October Gallup poll, 28% of Americans are planning to spend less in 2020 on gifts. In 2019, the average person estimated they would spend $942; in 2020 they believe they’ll drop an average of $805.
A November Debt.com survey also found Americans may shell out less money this holiday season. However, founder Howard Dvorkin doubts that will happen. He says people always start the season thinking that, but it changes as they start to shop.
Our new survey found that most Americans will spend less this holiday season — but https://t.co/wwghb4Smj9 chairman @HowardDvorkin is doubtful. Dvorkin went on the @MoneyLifeShow with @ChuckJaffe podcast and gave this advice to save.
— Debt.com (@debtcom) November 20, 2020
Dvorkin’s prediction would be much better news for retailers who are already suffering in the wake of the coronavirus pandemic. A sharp decline in holiday shopping would be one more blow to the industry. On the other hand, American workers are struggling in the wake of the virus, as well, and not spending so much on gifts would allow them to save more money for emergencies. Either way, someone is going to lose.
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