Staff Reports
A new report from Empower’s 2023 holiday spending survey reveals that a majority of Americans are feeling the pinch of Bidenomics and are making significant changes to their spending habits this holiday season. According to Fox Business Network, 74 percent of the 1,003 Americans surveyed across four generations said that Bidenflation is causing serious financial problems for them this year. In order to afford their holiday purchases, 31 percent of respondents claimed they are working overtime to bring in extra cash.
Bidenomics Forcing Third of Americans to Change Spending Habits Punch Overtime Clock to Fund Holidays: Survey Shows via @WestJournalism https://t.co/nCihVNJ2Wn
— Kenny, USA Patriot (@kennethy69) December 10, 2023
Empower’s survey also found that 46 percent of respondents are cutting back on travel expenses and using that money for holiday spending. Additionally, three in ten Americans are trimming down their holiday traditions to save money. Courtney Burrell, an Empower spokesperson, noted that many people are trimming their budgets and cutting back on non-essential expenses to stay on track this year. Burrell also suggested that individuals should prioritize what’s most important to them and allocate their holiday budget accordingly.
The survey also highlights that 37 percent of respondents plan to spend no more than $250 on gifts, while only 10 percent have set a budget of $1,000 for gift-giving. Moreover, less than half of Americans (49 percent) intend to do much traveling for the holidays. The reasons for this include cutting out travel to save money (46 percent), high flight prices (32 percent), and high gas prices (24 percent). Empower concluded that many individuals will be particularly mindful of their spending choices this holiday season.
The rising costs of Christmas trees have also impacted Americans, with prices up ten percent compared to 2022, as reported by the National Christmas Tree Association and the American Christmas Tree Association. This comes after a Thanksgiving that also saw higher costs for Americans. Data from the American Farm Bureau Federation shows that Thanksgiving dinner prices were up over 25 percent compared to 2019.
The Bureau of Labor Statistics reported that inflation rose significantly in August and continued to rise for the second consecutive month. Inflation has put additional pressure on American household income, driving down median income by 2.3 percent in 2022. To add to the financial strain, U.S. household debt reached a new high in the second quarter of 2023, totaling $17.06 trillion, including $1 trillion in credit card debt alone.
The data from this report paints a bleak picture for many Americans this holiday season, with Bidenomics and rising costs impacting their ability to spend as they have in years past. As inflation continues to rise and household debt reaches new highs, individuals are being forced to make tough choices and cut back on travel, traditions, and gift-giving. While some may prioritize what is most important to them, it is clear that many Americans are feeling the financial strain of the current economic situation.
