WASHINGTON (dpa-AFX) - Over 10% of consumers not planning to shop this holiday season as the pandemic has caused severe economic impact on the country.
Research from Principal Financial Group indicates higher stress levels and less holiday spending among U.S. consumers as many continue to navigate the economic impacts of COVID-19.
Consumers cite several pandemic-related factors influencing holiday shopping decisions, including financial strain, unemployment and less pay, and general COVID-19 concerns.
About 70% of the customers who are ready to spend will do so online and are decreasing expenses on travel, dining out, and entertainment.
'2020 was a challenging year for many individuals, families, and businesses, and it's not surprising that many are having to change their typical holiday spending habits,' said Sri Reddy, senior vice president, Retirement and Income Solutions at Principal. 'While it can be difficult to cut back, particularly during this time of year, less spending today can help make 2021 less financially stressful and support a more secure, long-term financial future.'
Meanwhile, financial resolutions for next year are similar to 2020 goals, with top priorities being saving more each month, reducing spending, and paying off credit card debt.
Copyright RTT News/dpa-AFX
© 2020 AFX News
