Consumers’ caution around holiday spending is the highest since 2013, CNBC survey shows

An ‘economic malaise’ is dampening holiday spending for American shoppers.

Hannah Beier | Bloomberg | Getty Images

"There's this economic malaise that we've seen getting more significant quarter over quarter for a year and a half now [that] really comes through pretty strongly in people's attitudes about why they do not intend to spend as much this year,'' said Jay Campbell, partner at Hart Research, the Democratic pollster for the survey.

While stimulus savings have run down, and inflation has sapped consumer confidence and strength, the economy entered the holiday shopping with 4.3 million more Americans employed and a lower unemployment rate than in December 2021, potentially offsetting some of the downbeat spending intentions. "Combined, 63% of Americans are pessimistic about the current state and the future prospects for the economy,'' said Micah Roberts, partner at Public Opinion Strategies, the Republican pollster for the survey. "This has been over 60% all year and over 50% since July 2021."When it comes to where Americans will shop, the survey shows that online spending has held onto the bulk of the gains it achieved during the pandemic when many shoppers shunned visiting stores.

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