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High cost of goods is causing consumers to spend less for the holidays, CNBC survey finds

Inflation is significantly shaping Americans’ holiday spending behavior this year, according to CNBC’s All-America Economic Survey. High prices are now the top reason people are both spending less—and, for the first time, spending more—reflecting how inflation is influencing decisions at every income level.

• Affordability pressure: 61% of Americans say prices are rising faster than their incomes, climbing to nearly 80% among households earning under $30,000.

• Spending plans: 41% plan to spend less this holiday season (up 6 points from last year), 42% plan to spend the same, and 16% plan to spend more.

• Why people are spending differently:

  • 46% of those spending less cite high prices

  • 36% of those spending more also cite high prices (a sharp shift from prior years when income growth drove spending increases)

• Holiday budgets: Average planned spending is $1,016 overall, but $1,199 among those actually buying gifts—up about 4% from 2024.

• Economic sentiment: 60% of Americans are pessimistic about the current economy and its outlook, including a majority of Republicans (53%), signaling broad-based concern.

• Shopping behavior: Consumers are shifting toward cost-conscious channels:

  • More shopping online (+9 points)

  • Increased use of big-box and wholesale stores (Walmart, Costco)

  • 28% buy only discounted items; half look for deals but still buy what they want

• Debt load: 57% of Americans carry debt into the holiday season, up 11 points from last year, with notable increases among ages 18–34. Read More. 

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Robert Kiyosaki warns of ‘massive unemployment’ caused by the ‘biggest change’ in history. Are you at risk in 2026?

Prominent business and tech leaders are warning that artificial intelligence could trigger historic job disruption. Robert Kiyosaki claims AI will cause massive unemployment, particularly hurting “smart students” burdened with student loan debt. Echoing this concern, Anthropic CEO Dario Amodei warns AI could eliminate up to half of entry-level white-collar jobs and drive unemployment as high as 20%.

Elon Musk offers a more optimistic long-term view, suggesting AI could eventually make work optional, with people choosing to work for enjoyment rather than necessity as money becomes less relevant. However, he acknowledges significant disruption will occur before that future arrives.

In response, Kiyosaki argues that traditional career paths are increasingly risky and promotes “shock-proofing” income through entrepreneurship and passive income. He advocates investing in real assets like real estate, gold, silver, and Bitcoin rather than relying on salaried jobs or conventional investment portfolios, which he believes are more vulnerable in an AI-driven economy. Read More.