A recent WalletHub survey shows that 50% of consumers will give less gifts this year, and that 40% of Americans won’t be buying gifts at all because of inflation.
WBBM asked some Chicagoans if inflation was affecting their holiday gift giving this year in an unofficial survey downtown. Our survey found that residents on the North Side are more likely to buy as many gifts as past years, while using credit cards with perks for the purchases and to pay off the entire balance before the statement date. Meanwhile, residents living on the South and West sides are scaling back.
Jasmine, who lives on the Southeast Side, said one or two presents max. And she has found other ways of stretching the dollars spent.
"Me and my boyfriend, we do the shopping together. We kind of split it like, I buy my family and you buy your families, and then we just put our names on both the gifts," Jasmine explained.
At a bus stop in the Loop, Lakeview resident Jim told WBBM he is not reducing the number of gifts that he buys this holiday season. He is using a credit card, but paying off the balance before interest applies.
Margie, who sat next to Jim, lives downtown. She said she is not not buying as much as in previous years.
"Definitely less. And it's really, really sad how the stores look," Margie said.
Margie adds that the stores don't appear to be as packed with customers as she remembers. And for Margie, buying less this year means that she'll be getting presents for just one special person.
"Anything I spend now is on me. It's for me.So I did go to Macy's by me a few items," Margie said.
Margie said that she will not be using credit cards.
Listen to WBBM Newsradio now on Audacy!
Sign up and follow WBBM Newsradio
Facebook | Twitter | Instagram
Related
Related
