'It's Kind of Scary': How Inflation Will Impact Gifting This Holiday Season
American families on strict budgets are struggling to give their kids the holiday experience they've come to expect.
As of October, the average American household was spending $433 more per month to purchase the same goods and services as it did the previous year, per Moody's analysis reported by CNBC.
CNN spoke to second-grade teacher Lindsay Cook, whose family is living paycheck-to-paycheck for the first time.
Cook and her husband, a school security officer, have had to pull from their savings and rely on credit cards to keep up with essential bills — and holiday budgeting for two kids makes it that much harder.
"There's no sort of wiggle room," Cook told the outlet. "And it's kind of scary."National Retail Federation forecasted holiday retail sales growth in November and December — up between 6% and 8% from 2021.