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Consumers Enter Holiday Season Feeling More Cautious

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According to a survey by The Conference Board, US consumers plan to cut their spending on gifts by 5.4% from last year to an average of $613 due to inflation. Consumers plan to increase their spending on non-gift items by 5.1% to $393. The percentage of people who said they'd buy 50% of their gifts online has fallen from the pandemic's peak from 52% in 2020 o to 39% in 2022.