, Columnist
Spending Less on Gifts This Year? Congratulations
Americans are becoming less generous over the holidays — and that’s not necessarily a bad thing.
Buy less, give more.
Photographer: Jeenah Moon/Bloomberg
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The research is clear: Americans are becoming less generous over the holidays. Not to sound too much like a Scrooge, but this is not necessarily a bad thing.
In 1999, Americans said they planned to spend $1,300 (converting to 2020 dollars) on holiday gift giving. In 2020, that amount was about $800. These numbers are based on Gallup data, but retail sales figures show a broadly similar pattern. From 1935 through 2000, gift-giving tended to rise with disposable income. Since 2000, gift-giving has fallen as national disposable income has risen.