00:00It's Benzinga, bringing Wall Street to Main Street.
00:03The CNBC All-America Economic Survey found that high prices driven by inflation and tariffs
00:07are shaping how much and where Americans spend on Christmas gifts.
00:1241% of Americans plan to spend less this year, a six-point increase from last year,
00:17and the largest jump since the inflation surge in 2022.
00:21The survey found 60% of Americans are pessimistic about the economy and its outlook,
00:25the highest level since December 2023, while optimism declined by three points.
00:31The data show higher spenders are more likely to shop at wholesale stores like Costco,
00:36while lower spenders and lower-income shoppers are increasingly turning to online retailers.
00:41The survey found 57% of Americans are entering the holiday season with debt,
00:46up 11 points from last year, with a notable increase among 18 to 34-year-olds.
00:51For all things money, visit Benzinga.com.
