President Donald Trump is heading into the Christmas season facing troubling new poll numbers, as many Americans say rising prices are forcing them to scale back holiday spending.
A fresh survey from the Associated Press–NORC Center for Public Affairs Research paints a bleak picture of consumer confidence, showing that financial pressure remains front and center for millions of households just weeks before Christmas.
Americans Pull Back On Holiday Spending
According to the nationwide poll, nearly half of Americans say they are spending less on non-essential items this holiday season. Many also report delaying major purchases altogether, a sign that economic anxiety remains widespread.
The survey, conducted December 4–8 among 1,146 adults, found:
- 48% are cutting back on discretionary spending
- 87% report higher grocery prices
- Roughly two-thirds say electricity costs and holiday gift prices are also higher
The poll carries a margin of error of plus or minus 4 percentage points.
Trump’s Economic Approval Slips
The findings are especially concerning for Republicans heading into the 2026 midterm elections.
Just 31 percent of Americans approve of how President Trump is handling the economy, according to the survey — a number that could pose political challenges if consumer frustration persists into next year.
Trump campaigned on restoring economic strength, lowering prices, and undoing the damage caused by years of inflation under the Biden administration. While inflation has cooled from its 2022 peak, many voters say they have yet to feel meaningful relief.
Lower-Income Americans Feel The Pinch Most
The poll shows that financial stress is hitting lower-income Americans hardest.
Adults earning under $50,000 per year were significantly more likely to say they are postponing large purchases and cutting back on everyday spending as the holidays approach.
Overall, two-thirds of Americans continue to describe the national economy as “poor,” a figure unchanged from polling conducted before Trump returned to the White House.
Echoes Of The Biden-Era Inflation Crisis
The current mood closely mirrors the 2022 holiday season, when record inflation under former President Joe Biden forced families to slash spending and rethink holiday plans.
Although inflation is no longer at four-decade highs, prices remain elevated, and confidence in a near-term economic rebound is limited.
The poll found:
- Around 40% of adults expect the economy to be worse in 2026 than in 2025
- Only about 20% believe conditions will improve
Trump Pushes Back On Negative Polls
President Trump addressed the polling on Thursday in a post on Truth Social, arguing that economic gains are being ignored by the media and pollsters.
“When will I get credit for having created, with No Inflation, perhaps the Greatest Economy in the History of our Country?” Trump wrote.
“When will Polls reflect the Greatness of America at this point in time, and how bad it was just one year ago?”
Voters Sound Off On Rising Prices
Some Americans interviewed by the Associated Press expressed frustration with the cost of living.
Sergio Ruiz of Tucson, Arizona, summed up the mood bluntly:
“Prices are up. What can you do? You need to make more money.”
Millicent Simpson of Cleveland, Ohio, pointed to concerns about federal policy changes, saying they have added pressure on families relying on assistance programs.
Administration Launches Economic Confidence Push
In response to the public unease, President Trump and senior administration officials have launched a nationwide tour aimed at boosting confidence in the economy ahead of the 2026 midterm elections.
With Christmas spending slowing and voter sentiment unsettled, the coming months may prove critical for shaping how Americans ultimately judge Trump’s economic record.