Americans Cut Back On Spending This Holiday Season

The video discusses how inflation is affecting holiday spending, with many Americans planning to buy fewer gifts or skip gift-giving altogether. Despite high inflation, consumer spending is expected to be slightly better than in 2020 and 2021. The Federal Reserve's interest rate hike may increase credit card interest, impacting holiday shopping. Surveys show concerns about holiday debt and financial planning, with many using credit or debit cards for purchases. As tax season approaches, changes in tax laws may affect refunds. Experts advise careful budgeting, using cash, and being cautious with buy now, pay later options.

What percentage of Americans plan to buy fewer gifts this holiday season due to inflation?

• 60%

• 70%

• 80%

• 50%

Which payment method is most commonly used by shoppers for holiday purchases according to the National Retail Federation survey?

• Debit cards

• Credit cards

• Cash

• Gift cards

What financial strategy is commonly used by people with their tax refunds?

• Buying luxury items

• Donating to charity

• Paying down debts

• Investing in stocks

What is a potential risk associated with 'buy now, pay later' options?

• High interest rates

• Immediate payment required

• Limited availability

• Increased debt for younger users

What is a recommended method to help stay within budget during holiday shopping?

• Using credit cards

• Using cash only

• Taking out loans

• Shopping online