As the holiday season approaches, a recent CNET survey reveals a significant shift in consumer behavior, with more Americans opting for financial sacrifices rather than relying on credit or financing options to cover their expenses. The survey indicates that 72% of shoppers are making or planning financial trade-offs to afford their holiday shopping this year. Notably, 30% of respondents intend to buy fewer gifts or shop for fewer people, while 27% plan to cut back on non-essential spending, such as travel and dining. Additionally, 30% of consumers reported they will spend less on holiday shopping overall compared to last year. The trend towards using cash is evident, with 64% of shoppers planning to use cash for part or all of their purchases, and 46% opting for debit cards. Personal finance experts suggest that while making these tough decisions may not be ideal, it is a more responsible approach than accruing debt through credit cards or financing plans.
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