Sitting out the season: A record number of Americans say they won't be buying holiday gifts this year
- Predictions for holiday retail sales are rosy, with the National Retail Federation calling for record gains of 8.5% to 10.5% from year-ago levels.
- But a record-high amount of people, or 11.5% of Americans, aren't buying any gifts this holiday season, according to a survey by Deloitte.
- Wealthy consumers are planning to spend more, which will mask the fact that many others are sitting out the season.
- Higher-income households in the U.S. plan to spend five-times that of lower-income households this holiday season, said Deloitte.
Code Tenderloin, a nonprofit group serving the homeless in San Francisco, said it has about $7,000 worth of gift cards to hand out to those who need the extra financial assistance over the holidays.
In recent weeks, requests from members of the …
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