Holiday season

Fewer people will be buying gifts this holiday season

Deloitte poll finds fewer Americans will be buying gifts this holiday season.

Almost 12% of Americans do not buy gifts this year, an increase of almost 7 points from last year.

However, overall, high-income households will spend five times as much as low-income households this holiday season, according to the survey, as reported by CNBC.

Bring this depressing news home here … Will you be in the 12 percent or 88 percent column this holiday season?

We can no longer ignore the negative impact of the high inflation raging in our country.

The annual inflation rate in the United States reached 6.2% in October 2021, the highest in more than three decades, as measured by the Consumer Price Index (CPI), a likely factor in the rise.

Keep in mind that this figure is misleading because food and energy prices are not included. Our politicians are deliberately removing these core elements from the CPI because it allows them to artificially underestimate the real negative impact.

The prices of food, oil, natural gas, etc. have skyrocketed this year. If these numbers were correctly added up, as they should be, inflation would be considerably higher.

The American people must pay these exorbitant prices, whether the government correctly reports the truth or not.

In a perfect storm, it’s no surprise that consumer confidence has taken a big hit as well.

According to CNBC, consumer confidence hit a 10-year low in November, as measured by the University of Michigan Consumer Sentiment Index.

Stephen Rogers, executive director of the consumer industry division at Deloitte, suggested that the large gap in holiday shopping from last year to this year “is a pretty good reflection of the story of two. pandemics, right?

“What starts as a health crisis turns into a financial crisis if you are in the lower income bracket [bracket]. Those of us who invested in the 401k have done pretty well, “he said.” You can see from 2019 to 2021, the low-income group is spending almost half of what he spent before. And the higher income group is almost double what they spent two years ago, Rogers said.

SOURCES: Deloitte, CNBC, University of Michigan Consumer Sentiment Index.

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