NEW YORK (AP) — Many Americans are watching the annual holiday spending ritual from the sidelines this year.
NEW YORK (AP) — Many Americans are watching the annual holiday spending ritual from the sidelines this year.
Money is still tight for some. Others are fed up with commercialism of the holidays. Still others are waiting for bigger bargains.
And people such as Lark-Marie Anton Menchini are more thoughtful about their purchases. The New York public relations executive said in the past she’d buy her children up to eight Christmas gifts each, but this year, they’re getting three each. The leftover money is going toward their college savings.
“We told them Santa is … being very conscious of how many gifts he puts on his sleigh,” Menchini, 36, says.
Despite an improving economy, most workers are not seeing meaningful wage increases. And some of those who can splurge said the brash commercialism around the holidays — many more stores are opening for business on Thanksgiving — is a turnoff.
But perhaps the biggest factor is shoppers are less motivated than ever by holiday sales. Since the Great Recession, retailers have dangled more discounts throughout the year, so Americans learned to hold out for even deeper holiday savings on clothes, electronics and more.