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Tell us: Do you have a spending limit this holiday season?
This holiday season, consumers may be more frugal with their spending habits than years prior, polling suggests. How much will you spend on gifts this year?
The 2024 holiday season is upon us, a time when many Americans open their wallets in search of the perfect gift for loved ones. However, as the season of giving approaches, consumers may be more frugal with their spending habits this year.
According to NerdWallet’s 2024 holiday spending report, nearly 30% of Americans who used credit cards to pay for holiday gifts last year are still paying off that debt. And this year, holiday shoppers in New England are likely to be spending less, too.
A recent poll by the University of New Hampshire Survey Center found that people in New Hampshire, Rhode Island, and Massachusetts are looking to spend less this year compared to 2023.
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For example, in New Hampshire, 39% of residents believe their financial situation has worsened compared to last year, according to the poll. In fact, 19% of New Hampshire residents said they plan to forgo holiday shopping altogether this year, while only 11% intend to increase their gift spending.
This was also the case in Massachusetts, where about half of lower-income residents said they don’t feel they have enough money to pay for gifts.
For those who are still planning to buy gifts, many are reassessing how much to spend and whether to implement a spending limit. This may mean setting strict limits on individual gifts, while others might opt for homemade gifts, experiences, or pooling resources to give a larger, shared present.
We want to know: Do you have a spending limit for gifts this year?
How much are you planning to spend per person, and does your financial situation influence these decisions? Have you spoken to family members about your budget, especially if money is tight? If you do have a spending limit, is it based on who you’re buying for or the relationship you share?
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Tell us by filling out the form or e-mailing us at [email protected], and your response may appear in a future Boston.com article.
Do you have a 2024 holiday season spending limit?
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