Key facts
- More than two-thirds of Americans polled by Ipsos plan to cut holiday spending in at least one category.
- Among those cutting back, two-thirds intend to buy fewer gifts overall, the Ipsos poll found.
- Forty-six percent of those cutting back are buying gifts for fewer people, up from 37% a year earlier.
- Two-thirds of Ipsos respondents expect electronics and gadgets to cost more this year.
- Jefferies analysts said they see consumers cutting grocery spending to offset higher gas prices.
More than two-thirds of Americans plan to cut back on holiday spending in categories such as dining out, travel, decorating and hosting parties, according to a recent Ipsos poll cited by Business Insider in a report published November 6, 2026. Among those making cuts, two-thirds said they intend to buy fewer gifts overall.
Forty-six percent of those cutting back said they are buying gifts for fewer people, up sharply from 37% a year earlier, the poll found. Two-thirds of respondents said they expect electronics and gadgets to cost more this year, and about half said toys, apparel and home goods will cost more.
David Brown, an entrepreneur with several lines of business in Georgia, told Business Insider his Christmas list is shorter this year as he prioritizes his kids, his wife, his mom and a few close friends. Brown said the economy itself was not directly driving his decision so much as its effect on people in his community. "I understand a lot of people are not fortunate at this moment in time, but it's the thought that counts," he said of those who accepted his generosity without offering a gesture in kind.
Jefferies analysts said in a note that they are seeing consumers cut grocery spending to offset higher gas prices, according to the report.