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The reason for the shift in spending is a simple one. Rising prices are everywhere, from the toy shop to the grocery store. More than half of those surveyed (54%) planned to buy less expensive gifts this year and 40% planned to buy for fewer people. When it came to significant others, often the most expensive gifts purchased, 57% of individuals said they would set a spending limit.*
People plan to limit their purchases on dining out (47%), entertainment (36%), shopping (35%) and travel (32%). Despite curbing spending, 32% of those surveyed said they would dip into savings to pay for holiday expenses.*
“It is important to have a well-established and comprehensive financial plan that accounts for shifting market conditions and unexpected costs so that there is less of a reason to utilize any of your savings to make purchases during the holiday season,” said Jennifer Huisking, Vice President at Goldman Sachs Personal Financial Management.* If your company offers Goldman Sachs Ayco Financial Wellness as a benefit, connecting with your coach can help you make a strong financial plan for 2023.
The good news is that many people are optimistic about the economic outlook for this year. What accounts for the good cheer? Focusing on savings. Almost four in ten say their confidence comes from planning to save more. In fact, nearly half (48%) made a New Year’s resolution to save money.* Remember, to succeed you need to make savings goals realistic. Do that and 2023 might be the year your savings resolution is one you keep!
*The holiday survey was conducted in the U.S. by Goldman Sachs and Qualtrics Experience Management in October 2022 among 2,418 individuals across generations (Baby Boomers, Generation X, Millennials and Generation Z).
Click here to view the full list of results