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Lower-Income Americans Starting to Opt Out of Holiday Spending

  • Deloitte study shows higher percentage plans to spend nothing
  • Holiday spending to be fueled largely by wealthier consumers
U.S. Consumer Price Growth Cools, Smallest Gain In Seven Months
Photographer: David Paul Morris/Bloomberg

This Christmas season will be marked by a growing divide between high and low earners, according to a study from Deloitte LLP

The survey, released Wednesday, shows that 11.5% of U.S. holiday shoppers say they plan not to spend anything on gifts and services this holiday. That’s up from 4.9% in 2020 and 2.9% the previous year. It’s the highest in at least 10 years, according to Rod Sides, a vice chairman of Deloitte.