Story at a glance
Two-thirds of Americans plan to spend less on holiday celebrations than last year.
Most survey participants said they don’t plan to go holiday shopping this year.
U.S. adults surveyed said the biggest obstacle to the American dream is cost of living expenses.
Americans are feeling the sting of inflation, and they expect it to cut into their holiday spending, according to a new survey.
A recent survey from WalletHub found that rising prices are changing Fourth of July plans, while two-thirds of Americans plan to spend less on holiday celebrations than last year.
Most survey participants said they don’t plan to go holiday shopping this year, reflecting a larger economic trend that led Americans to tell WalletHub they plan to spend less this summer overall.
Participants also said rising prices have affected their own pursuit of the American dream. Income, debt and education, the survey shows, all factor into one’s chance of success. But Americans said the biggest obstacle they face is cost of living expenses.
Yet the survey shows Americans are still feeling a sense of patriotism heading into the holiday weekend, and nearly two-thirds of survey participants said they made an effort to purchase products made in the U.S.
The WalletHub survey was conducted online, measuring a nationally representative sample of 350 U.S. adults.
A separate survey conducted by LifeWorks found inflation is taking a toll on Americans’ mental health, especially among those who are unable afford basic needs due to soaring costs
The Life Works Mental Health Index released last week shows that people whose basic needs are going unmet because of inflation have a mental health score 16 percentage points lower than the national average.
Only 16 percent said inflation has yet to affect them, even though they expect it will eventually.
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