Nearly one third of American shoppers are buying fewer gifts this year as prices continue to rise, according to a new survey.

As reported by Yahoo Finance:

“This year, these pressures are shaping up to be extra heavy thanks to rising prices from inflation […] 6.93 percent will not do any holiday shopping. Among those surveyed, 72.68 percent have noticed that gifts are more expensive this year.”

This follows a report from the American Farm Bureau that found this year’s Thanksgiving’s feast to be up nearly 37 percent from 2020.

READ: Thanksgiving Dinner Gobbles Up 20 Percent More of Americans’ Paychecks

KEY TAKEAWAYS:

Here’s where families are cutting back this holiday season: 

• Gifts: Nearly a third have said they’ll purchase fewer gifts, while seven percent have said they’ll forgo shopping for gifts altogether.
  
  
• Food: With the cost of a Thanksgiving feast gobbling more of workers’ paychecks, more than eight percent of families are skipping the turkey.

• Décor: Nearly half of Americans surveyed have said the prices for holiday decorations have skyrocketed.

• Travel: Rising prices have families staying closer to home for the holidays, as more than 15 percent of Americans opt out of traveling. 

American families are suffering in Biden’s cruel economy. 

• Unable to make ends meet, American households have taken on $351 billion in debt – the largest increase since 2007.

• Inflation and recession fears are prompting more than three in four families to make significant lifestyle changes – like delaying major purchases or cutting back on holiday spending.

• Families are worried about how they’ll heat their home, as energy bills skyrocket to the highest prices in 25 years.

READ: Prices Outpace Wages Under Biden-Flation, Creating Hidden Tax

READ: Seniors Isolate, Eat One Meal a Day in Biden’s Cruel Economy

Republicans will hold the Biden Administration accountable and deliver a stronger economy.

• Ways and Means Republicans have vowed to track down the waste of taxpayer dollars, fight for transparency, and hold the Administration accountable for its unprecedented executive overreach.

• From making the historic GOP tax cuts permanent, to rolling back burdensome federal regulations, Republicans are committed to creating a stronger economy for American workers.

READ: Republicans Vow to Hold the Government Accountable

READ: How Ways and Means Republicans Are Fighting for An Economy That’s Strong