EAST STROUDSBURG, Pa. — Nobody likes to skimp when it comes to gift-giving, but as prices continue to climb, holiday shoppers may be feeling less generous this year.
Johan Eliasson, a political economy professor at East Stroudsburg University, says this year, it's hard to tell what people will be spending on gifts.
"The prices for food, for energy, your car, gasoline, everything else has gone up, and you know your wages are not keeping up. So, you have to budget a little more with what you can afford to buy versus what you would like to buy, and we may actually see less expensive items being more popular around the holidays than they were before," said Prof. Eliasson.
A survey from financial firm Deloitte found that among people who expect to spend more on holiday shopping, 51 percent say it's because of inflation.
Meanwhile, 66 percent who plan to be more frugal this winter say it's in order to cope with higher prices.
Eliasson says this year, you'll most likely find what you need when shopping, but you are going to pay.
"There's not 100 ships sitting off the port of Los Angeles like there were last year. Stuff is coming in. They're moving around, but prices are still very, very high, and getting to the mall to buy that stuff or even buying it online and having it shipped is more expensive."
Eliasson says this year, things like Secret Santa and white elephant grab bags might be more popular as people look to save money.
"Less stuff and select gifts. We all like to spend around the holidays, but it is going to be difficult for a lot of people to spend what they want or buy what they want because what they spend will not go as far as it has in the last two years."
Eliasson believes inflation will level off by early next year.
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