In November, Americans estimated that they would spend an average of $778 on holiday gifts, which is $229 less than in October.
This is the largest decline in expected holiday spending since 2006, according to a Gallup survey.
This is also $234 less than the expected spending in November of last year, which was $1,012.
In comparison, during the financial crisis of 2008, the drop in November was -$185.
Both high and low incomes of Americans lowered their expectations last month.
Stagflation affects the spending plans of Americans.
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