Christmas merry-making won't come in the form of more or larger gifts this year, according to a new survey.
The poll from CNBC reports almost 40% of Americans plan to spend less on gifts this holiday season than they did last year, the largest such percentage since 2013.
Just 11% plan to spend more, as Americans continue to cope with surging COVID-19 cases and widespread unemployment. The average American plans to spend just $886, down 10% from their planned spending last year, according to the survey.
Of the 800 Americans surveyed, 29% said they plan to spend less due to lost wages or income, 19% cited the coronavirus and 17% blamed the poor economy. The poll carries a margin of error of plus or minus 3.5%.
All income groups reported planning to spend less this year compared with a year ago. And when it comes to actual dollars they plan to spend, the wealthiest Americans could be holding back the most.
