US consumers aim to cut back spending during the holiday season

With the 2023 holiday season fast approaching, it’s beginning to look as if the presents under U.S. consumers’ Christmas trees may be sparser than the years previous.

According to a CNBC-Morning Consult poll, more than 92% of Americans have cut down spending across the past six months.

Likewise, 76% of surveyed consumers also signalled that they would like to reduce spending on non-essential items as the holiday shopping season looms closer and closer.

If the CNBC-Morning Consult poll is any indication, Americans are set to be much more inclined to spend time with loved ones than swap gifts come December.