MINNEAPOLIS – October 29, 2026 -- More than two-thirds of Americans (68%) plan to cut at least one holiday expense this year, with dining out, gifts and travel the most likely to shrink, according to Thrivent's 2026 Holiday Spending Survey.
Rising everyday costs are squeezing holiday budgets
More than half of Americans (52%) expect the economy to affect their holiday spending at least a fair amount. Some 35% say they have already reduced spending on essentials in the past 6-12 months.
Nearly four in ten (38%) are more concerned about managing holiday finances than in past years. Among them, 75% blame the rising cost of everyday items. Overall, 72% say inflation is hurting their household finances heading into the holidays.
Dining out, gifts and travel take the biggest cuts
Dining out (44%), gifts for family and friends (32%) and travel (31%) are the main areas where people plan to spend less. The overall share of Americans cutting back matches 2025, but the way people trim gift budgets has shifted.
Among those reducing gift spending, 66% will buy fewer gifts, up from 56% in 2025. Another 46% plan to shop for fewer people, up from 37%, and 51% will buy less expensive gifts.
Travel is also affected. Gas prices are hurting household finances for 71% of Americans. Among those cutting back on travel, 60% do not plan to travel at all during the holidays, up from 56% in 2025.
A Thrivent advisor outlines three ways to spend more intentionally
Thrivent Financial Advisor Alexander Newby says the aim is not to buy a meaningful holiday: "The goal isn't to spend your way to a meaningful holiday." He recommends three steps:
- Start with what you have. Review current expenses, existing debt and other priorities before shopping or booking travel. Set a limit based on what you can afford today, not on last year's spending or what you feel expected to spend.
- Decide what matters most. If the budget cannot cover everything, buy fewer gifts, set limits for gift exchanges, or swap some purchases for shared experiences, handmade gifts or acts of service.
- Protect long-term stability. Keep a running total while you shop. If spending drifts past your plan, adjust before turning to credit cards or pulling money from priorities such as retirement or savings.
Survey covered 2,158 U.S. adults
Ipsos conducted the poll for Thrivent from Sept. 29 through Oct. 8, 2026, using its probability-based KnowledgePanel. The nationally representative sample included 2,158 U.S. adults ages 18 and older, with a margin of sampling error of plus or minus 2.2 percentage points at the 95% confidence level.