Americans admit its harder than usual to afford gifts this holiday season, poll finds

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About half of Americans say it’s harder than usual to afford gifts this holiday season, and they’re cutting back on spending more than they usually would, a new AP-NORC poll found.

The majority of U.S. adults attribute it to higher than usual prices for gifts, along with staples like groceries and electricity. 

Economy is ‘poor,’ most Americans say

By the numbers:

Most U.S. adults, 68%, continue to say the country’s economy is "poor," which is unchanged from December 2024, before President Donald Trump took office with a promise to lower prices. 

Shoppers carry Macy's bags outside of Macy's flagship store on Black Friday in New York, US, on Friday, Nov. 28, 2025. Photographer: Adam Gray/Bloomberg via Getty Images

Inflation has eased substantially since it peaked three years ago, but it’s still running at 3%, a full percentage point above the Federal Reserve’s target as the job market appears to have entered a deep freeze.

According to the survey, about half of Americans are finding the lowest price more than they would normally, with roughly 4 in 10 dipping into their savings more than they have in the past. 

Roughly 9 in 10 U.S. adults, 87%, say they’ve noticed higher than usual prices for groceries in the past few months, while about two-thirds say they’ve experienced higher prices than usual for electricity and holiday gifts. About half say they’ve seen higher than normal prices for gas recently.

Political implications 

Big picture view:

The poll’s findings are similar to an AP-NORC poll from December 2022, when Joe Biden was president and inflation was at the top of most voters’ minds. Three years later, inflation remains a problem for most Americans, threatening Trump’s popularity just as it did for Biden. 

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Trump’s tariffs have only added to the economic uncertainty, keeping prices at levels that many Americans find frustrating. Americans’ dismal view of holiday shopping and the overall economy is similar to when Biden was president in 2022.

What they're saying:

If you ask Trump, he’ll say there is "no" inflation, despite prices proving otherwise. He’s growing more frustrated over Americans’ persistent "affordability" concerns, suggesting this week that people should simply buy fewer dolls and pencils for their children. 

"When will people understand what is happening?" Trump said Thursday on Truth Social. "When will Polls reflect the Greatness of America at this point in time, and how bad it was just one year ago?"

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Democrats are more likely than Republicans to say they’re cutting back on expenses or looking for low prices, but many Republicans are budgeting more than usual as well. About 4 in 10 Republicans are looking for low prices more than they usually would, while a similar share are shopping for nonessential items less than usual.

Will 2026 be better? 

What's next:

Trump says the benefits from his policies — from tariffs to income tax cuts to foreign trips to attract investments — will be more apparent next year. 

But Americans aren’t so sure. 

About 4 in 10 U.S. adults expect next year will be economically worse for the country. Roughly 3 in 10 say conditions won’t change much. Only about 2 in 10 think things will get better, with Republicans being more optimistic.

The belief that things will get better has slipped from last year, when about 4 in 10 said that 2025 would be better than 2024.