Daily News | Fewer gifts, more experiences | Morning Newsletter
It’s too early to say how economic uncertainty will impact overall holiday spending, but it’s already altering people’s approach to gift-giving.
Across the country, more households are reporting economic difficulties such as paying for basic expenses like food, gas, and utilities. At the same time, inflation isn’t giving anyone a break. The cost of airfare is up more than 42%, while gift wrapping and shipping increased about 13%. Philly-area consumers are planning to spend about 3% less than last year. On average, they plan to give 10 gifts compared to 19 last year. In many cases, consumers are opting to spend money on experiences rather than pricey items.It’s unclear what these early trends will mean for the rest of the holiday season as interest rates climb and layoffs hit.
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