Holiday Spending: Virginians Tighten Belts Amid Economic Uncertainty

In Virginia, people are planning to spend less this holiday season. A recent survey shows that households expect to spend about $1, 035, which is less than last year. They are focusing more on gifts and cutting back on other things like clothes, electronics, and going out. This trend is not just in Virginia. Across the country, people are being careful with their money. Many are worried about prices going up and jobs not being as secure. They are also buying more things online, with over half of the planned purchases happening on the internet. The economy is growing, but not everyone feels it. Inflation is still around 3%, and the job market is not as strong as it was last year. People are trying to balance their budgets, spending more on gifts and less on other things. Lower-income families are spending less, while higher-income families are spending more. This shows how different people are affected by the economy. Small businesses might struggle because more people are shopping online. Overall, people are being careful with their money this holiday season. They are looking for good deals and trying to save where they can. This shows that even though the economy is growing, people are still worried about the future.