How Much Are You Planning on Spending on Christmas in 2020?
It's hard to find anything that hasn't been severely impacted by the COVID-19 pandemic in 2020, and now it's Christmas' turn to take a hit.
On the same day the Centers for Disease Control and Prevention called on people to cancel their holiday travel plans, comes a new study that says we're going to be doing a lot less shopping this Christmas season.
In a survey of more than 2,000 adults in America, and more than 15,000 people worldwide, the website Finder.com found that four-in-ten of us are cutting back on spending for this holiday in this country.
Some are cutting back more than others.
After doling out a little more than $1,000 per household during the 2019 Christmas season ($1,050 on average), 20 percent of those surveyed say they'll cut their spending by about a third this year - about $320 less per household.
Another one-in-five say their cuts will be less than 20 percent from last year.
As for the biggest drops in spending, 15 percent of those surveyed say their shopping budgets will have at least half of what they were in 2019.
Older Americans say they'll be cutting the most, with more than 40 percent of those aged 45 and up say they're spending less. Only around 30 percent of 25 to 34-year olds said the same.
As a nation, the United States has the third-lowest percentage of people planning to cut costs this year (40%), behind only New Zealand (39%) and Australia (37%).
Two nations say they will spend less than half of what they did at Christmas in 2019. Shoppers in South Africa will reduce costs by 56 percent, while people in the Philippines will spend 52 percent less.