Will Spending in Minnesota Be Hampered This Holiday?

If you say you haven’t seen a message about Christmas shopping, I’d say you probably have been in some sort of serious medical condition.  

Get our free mobile app

In your social media timeline, possibly in your email inbox, there have been offers mentioning if nothing else Black Friday deals. And it’s possible you’ve started your shopping already, trying to take advantage of these “special deals”. The more you save, the more you can spend, right? 

Are these deals enough to get people to spend for the upcoming holiday? 

Wallethub.com says probably not. The financial website did a survey asking people about their plans for Christmas, and to be honest, it looks pretty bleak. 

One in three Americans who responded to this survey say they are forgoing some gifts they would like to buy this year due to inflation. 

And on a similar note, one in five people say they won’t be able to give or give as much to charitable organizations this year due to inflation.  

28% of Americans says that they will not be able to spend as much as they would like, or as much as they spent last year because of the financial situation most of us are facing.  

On the topic of last year, one in four people say they are still paying on gifts they gave last year. Part of this in part to having to pay more for the everyday items, so there was less to put into paying on their credit cards or loans. 

One in five people say they have or will apply for a new credit card to help cover the things they hope to be able to give this Christmas. 

35% of people who answered questions from Wallethub say they are having a harder time deciding on gifts this year, in part because of the limited spending they will have.  23% of those people say they will be influenced to make a purchase this year because of something they see on a social media timeline, which is up from the last few years.  

Hopefully you have been able to develop a plan for Christmas or have been able to find an organization if you need help this Holiday season.