The pressure is real, and it’s here.
November is the peak month for holiday spending pressure, according to Bankrate.
It’s not just gifts to friends and family. Participants in a survey from the personal finance website said they felt pressure to overspend on travel, hosting holiday parties and donating to charity. Bankrate surveyed 2,628 adults in October to get their perspective on gift-giving and spending.
The resistance may be just as real. Nearly half of gift-givers in the survey said they’re willing to break ranks with traditional, pull-out-all-the-stops spending.
Strategies people are willing to embrace: About a quarter (24%) are willing to regift, 19% say they’d buy secondhand items and a few (16%) say they’d consider giving up gift-giving altogether. Click to continue reading…