NEW YORK - Inflation is causing many Americans to reconsider who they'll be doing their holiday shopping for this year. Will it be extended family members or our four-legged friends?
Only 19% of respondents said they would be getting a gift for their in-laws, while 34% said Fido would be getting a present. The dog won out over nieces and nephews, too.
Overall, Americans said their shopping lists will include gifts for:
My dog: 34%
Other relatives (nieces, nephews): 30%
My cat: 22%
Service professionals (postal/delivery, front desk) 14%
The survey showed that the average holiday shopping budget is down roughly $200 from 2021, as inflation continues to take a bite out of many Americans' wallets.
Nearly half of respondents said they will be cutting back on eating out and other non-essential purchases, a 9% increase over last year, and 37% of respondents said they would be spending $250 or less on gifts this year, with 16% saying they'll spend less than $100.
The poll also revealed that roughly a quarter of Gen Zers and Millenials plan to make their gift this year (more than any other age group), while 34% of Americans will be increasing their online shopping.
Top picks for gifts this year include gift cards (52%), cash (24%) and slippers or socks (24%).