42% of Americans plan to regift to save money during the holidays, survey finds
How to score the best deals this holiday weekend
The supreme shopping weekend is here. A record 183.4 million people are planning to shop in stores and online between Thanksgiving Day through Cyber Monday in 2024, up from the previous record of 182 million in 2023, according to an annual National Retail Federation survey. Marshal Cohen, chief retail advisor of Circana, joined LiveNOW to discuss.
LOS ANGELES - With the holidays fast approaching, financial pressures are driving millions to rethink how they celebrate. According to a new survey, 42% of Americans will regift this year to manage expenses, while more than half (55%) say they hope to avoid hosting holiday gatherings due to costs.
Holiday finances weigh heavy
Economic concerns are widespread, with 49% of Americans worried about money this season and nearly half (48%) feeling that financial stress will dampen their holiday joy. Rising inflation and cost-of-living increases are influencing budgets, with 83% citing economic pressures as impacting their spending this year.
Despite the concerns, holiday spending is expected to rise in some areas, including gifts and holiday dinners, even as other expenses like decorations and travel see cuts. Nearly 3 in 5 Americans (59%) are concerned about affording gifts for everyone on their list.
Financial etiquette adds stress
Gift-giving etiquette remains a challenge, with 51% of Americans unsure how much to spend and 56% reluctant to discuss setting a holiday gift budget with family or friends. Many (43%) feel uncomfortable shopping for gifts for people who earn more money, while others (37%) admit to overspending on gifts to impress others.
For many, the perfect gift this year isn’t a new gadget or luxury item — it’s cash. A majority (60%) agree that cash is the ideal holiday gift, though many feel uncomfortable asking for money, with 67% believing it’s impolite to do so.
FILE - A group of Christmas presents under a decorated tree.
Holiday hosting and tough topics
The financial strain extends to social obligations. 42% feel pressured to attend holiday events outside their budget, while 27% — nearly 67 million people — plan to skip Thanksgiving altogether to save money.
At holiday gatherings, financial discussions remain a top stressor. 84% of Americans have at least one topic they hope to avoid, with politics (57%) and financial matters such as income and spending (51%) leading the list.
Finding ways to save
To navigate the holidays without breaking the bank, many Americans are turning to creative solutions:
- 50% plan to buy items on sale
- 38% will limit gift-giving to one item per person
- 42% will regift to cut costs
- 57% are making food at home instead of eating out to save money
While the holidays can be stressful, most Americans agree that spending time with loved ones is priceless — even if it requires budgeting and some financial creativity.