Fewer Americans are holiday shopping due to 'high cost of goods' in Trump’s economy

A new survey shows that growing number of Americans are planning on cutting back on spending during the 2025 holiday season.

According to a Monday report from CNBC, more Americans say higher prices are to blame for them spending less money on presents for loved ones this year. The outlet's "All-America Economic Survey" found that 41 percent of Americans say they're spending less on gifts this year, which is up six points from the 2024 survey.

Among those 41 percent of respondents tightening their belts, 46 percent said the "high cost of goods" was the primary reason for spending less. And for the Americans saying they're spending more on gifts, 36 percent also blamed higher prices for consumer goods. That's an 11 percent spike from last year's survey.

CNBC noted that in the previous six years of surveys, the respondents who said they were spending more were doing so because they were making more money and felt optimistic about the economy. And on the flipside, Americans spending less did so because they felt less confident about the economy. Hart Research's Jay Campbell, who helped conduct the survey, said the 2025 survey stands out in particular given how acute an issue cost of living has become among Americans.

"Almost 70 percent say that prices are higher now, and it’s affecting people both who are spending more and who are spending less in a much bigger way than it ever has," Campbell said.

The survey polled 1,000 respondents nationwide, with a margin of error of 3.1 percent. Americans are spending an average of $1,016 on the holidays this year, which is on par with the 2024 poll. But among those who are actually buying gifts, that figure climbs to $1,199, which is a 3.9 percent jump from last year.

Shopping destinations vary for Americans who are buying gifts this year depending on how much they're spending. Those spending more than $1,000 are visiting bulk inventory retailers like Costco, while those spending $500 to $1,000 are primarily buying gifts online. 28 percent said they're only buying discounted items, while half of respondents said they prioritize deals but will spend full price if necessary to purchase the item they want.

Click here to read CNBC's full report.