(NewsNation) — There are many reasons why Americans wait until the last minute to buy holiday gifts, but a mid-December survey found nearly 30% of last-minute shoppers are waiting on their next paycheck to do so.
U.S. News & World Report surveyed 1,203 people, asking them why they haven’t finished holiday shopping. Three in every 10 consumers said they had to wait until their next paycheck to finish shopping.
About 33% of respondents said they just haven’t found the right gift yet, and 16% said they always wait until the last minute.
This comes as prices remain high and consumers continue to feel the strain on their wallets due to inflation.
“The reality is that American consumers are feeling pinched,” said Daniel Roccato, a finance professor at the University of San Diego.
The latest NewsNation/Decision Desk HQ poll found that inflation remains at the front of mind for a solid majority of Americans.
In fact, 52% of Americans believe inflation is a bigger problem facing the United States today than unemployment, immigration and crime, poll data found.
With the holiday season in full swing, prices are still up about 19% since the pandemic and the National Retail Federation expected holiday spending to increase between 3 and 4% — the smallest year-over-year growth in the past three years.
A big reason behind the pause on spending is that 50% of Americans believe they are worse off financially than they were a year ago.