Survey says Americans spending less on Christmas 2020

A new survey finds that the average American plans to spend $866 on Christmas this year, down 10 percent from last. The CNBC All-American Economic Survey found that nearly 40 percent plan to spend less this holiday season, and only 11 percent plan to increase their spending. The biggest reason that so many are cutting back is lost wages due to the pandemic. Sixty-two percent of those surveyed said the economy is currently "fair" or "poor" with only 34 percent viewing it as "good" or "excellent."