US consumer appetite for holiday spending is falling: In November, Americans estimated that they would spend an average of $778 on holiday gifts, down -$229 from October. This marks the largest drop in expected holiday spending in data going back to 2006, according to a Gallup survey. This is also -$234 lower than last year’s November spending expectations of $1,012. By comparison, during the 2008 Financial Crisis, the November decline was -$185. Both high- and low-income Americans lowered their expectations last month. Stagflation is weighing on US consumer spending plans.