Squeezed by inflation, families are tightening their holiday budgets

Anya Remy is Christmas shopping for her family on a stricter budget than ever before.

Remy, a human resources professional in Maryland, has felt the pain of high inflation in recent months. So, she asked her kids to cut down their Christmas lists and has been searching for the best deals.

"It's a lot less spending this year and a lot more budgeting and prioritizing," Remy told CNN. "It's a few items for the kids this year, as opposed to getting them all of the things on their list."

The highest inflation since the 1980s is making holiday budgeting a more complex equation for millions of middle-class families: A November Quinnipiac poll found 47% of Americans have less in savings than they did just a year ago. The same poll found 42% plan to spend less on gifts this season and only 8% plan to spend more.

Overall holiday spending hasn't slowed yet, according to the National Retail Federation, but many families are making sacrifices to buy presents for their loved ones.

Janette Duvall, a school bus driver in Maryland, is relying on coupons for the first time to afford gifts for her family. While inflation is squeezing her budget, she wants to make sure her kids have something to open on Christmas, even if she can't buy anything for herself.

Continue reading at CNN Business


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