A new AP-NORC survey reveals that this year’s holiday season feels far from joyful for many American shoppers. Despite festive lights and seasonal sales, millions say they are cutting back, dipping into savings and struggling with stubbornly high prices under President Donald Trump’s administration.
The findings paint a similar picture to economic sentiment during President Joe Biden’s term, showing that the pain of inflation continues, no matter who is in the White House.
Majority of Americans Feel Prices Are “Higher Than Usual”
According to the AP-NORC Centre for Public Affairs Research, most U.S. adults say they have noticed unusually high prices for:
Groceries
Electricity
Holiday gifts
Other everyday essentials
For many households, these rising costs have forced new spending habits and difficult choices during a season normally associated with celebration and generosity.
Half of Americans Struggle to Afford Holiday Gifts
Around 50% of respondents said they found it harder than usual to afford presents this year. Many are:
Delaying major purchases
Cutting back on non-essential spending
Searching for discounts far more frequently
Using savings to manage day-to-day expenses
These financial pressures come at a challenging moment for President Trump, who returned to office promising to bring prices down. Instead, inflation continues to cloud public opinion, just as it did during Biden’s administration.
Tariffs Add to Inflation Concerns
The poll shows that Trump’s new tariffs have further fuelled concerns about affordability and the long-term health of the U.S. economy. The president’s recent assertion that there is “no inflation” contradicts the lived experiences of many Americans surveyed.
Although the White House insists the U.S. economy is booming, 68% of adults still describe current economic conditions as “poor”, unchanged from December 2024.
Shoppers Adjust Their Buying Habits
The survey highlights major shifts in how Americans are handling festive expenses:
More People Searching for Bargains
Half say they are hunting for the lowest price more than usual.
Four in ten are using their savings to make ends meet.
Political Differences, but Shared Financial Pressure
Democrats are slightly more likely to report cutting back.
Still, significant numbers of Republicans—roughly four in ten—are also budgeting more cautiously.
Even Trump supporters acknowledge the strain.
Sergio Ruiz, 44, from Arizona, said he now relies heavily on “buy now, pay later” options for his children’s gifts.
“Prices are up. What can you do? You need to make more money,” he said.
Economic Frustration Mirrors Sentiment During Biden Years
The mood today is strikingly similar to that of 2022, when inflation hit its highest level in four decades. Although inflation has eased since then, it still sits at around 3%, above the U.S. Federal Reserve’s target.
The survey suggests that for many families, the key issue is not just inflation, but the overall level of prices, which remain significantly higher than before the pandemic.
Key findings include:
87% have seen higher grocery prices.
Around two-thirds say electricity and gift prices are up.
Half report higher petrol prices.
These numbers have barely moved since 2022, showing how persistent the cost-of-living squeeze remains.
Consumer Spending Holds Up, But Behaviour Shifts
Despite gloomy opinions about the economy, consumer spending has not collapsed. But many shoppers have changed where — and how — they buy.
Andrew Russell, 33, from Illinois, said he stopped ordering international gifts because of tariffs.
“This year, I only bought things that I can pick up in person,” he said.
He also fears that an “AI investment bubble” could burst in 2026 and trigger wider financial instability.
Little Hope for Economic Improvement in 2026
Optimism appears to be fading as Americans look ahead to next year. The poll finds:
4 in 10 expect the economy to be worse in 2026
3 in 10 believe things will stay the same
Only 2 in 10 think conditions will improve
Even Republicans, though more positive than Democrats, show declining confidence compared to last year.
Millicent Simpson, 56, from Ohio, said she fears losing essential support like Medicaid and food assistance.
“He’s making it rough for us,” she said. “He’s messing with the government’s assistance for everybody, young and old.”
About the Survey
The AP-NORC poll interviewed 1,146 adults between 4–8 December. Participants were drawn from NORC’s nationally representative AmeriSpeak Panel.
The survey has a margin of error of ±4 percentage points.
Sources
The Associated Press
AP-NORC Centre for Public Affairs Research
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