This holiday stretch feels far less joyful for many American shoppers, as countless families pull from savings, chase steep bargains, and sense that the wider economy is stuck in a weary loop under President Donald Trump. A new AP-NORC poll reveals how widespread this discomfort has become.
Most adults across the country say they have witnessed unusually high costs for groceries, power bills, and seasonal gifts. Nearly half report that buying presents feels tougher this year, and just as many are holding back on big purchases or trimming non-essential buys to keep their budgets from unraveling.
The findings cast a heavy shadow over the president’s message. Trump secured his return to the White House by promising to tame prices, yet inflation continues to erode public trust much like it did during Joe Biden’s term. According to the poll, the mood today echoes an AP-NORC survey from December 2022, when inflation was scorching at a four-decade high. Trump’s tariff waves have intensified pressure on consumer costs, stirring unease about economic stability and leaving prices perched at levels many households find exhausting.
Even as Trump insists the economy is “booming” and says inflation is nonexistent, the public remains unconvinced. “When will people understand what is happening?” he wrote on Truth Social, frustrated by the disconnect. Still, 68% of U.S. adults describe the economy as “poor,” the same share reported just before Trump returned to office.
Americans Feel the Weight of Elevated Living Costs
White House staff plan to send Trump across the nation to boost confidence before next year’s midterm races. But during a visit to Pennsylvania, he defended the price bumps from his tariffs by suggesting that families simply buy fewer toys and supplies for children. That message lands sharply against the poll results — even among those who supported him in the 2024 election.
Sergio Ruiz, 44, of Tucson, Arizona, relies on buy-now-pay-later plans to spread out the cost of gifts for his children. He doesn’t obsess over politics, though he voted for Trump last year. He wants interest rates to fall so he can strengthen his real-estate business and believes that higher incomes would help households endure these expenses. “Prices are up. What can you do? You need to make more money,” he said.
When people do shop, about half say they search intensely for the lowest prices. Around four in ten say they are drawing from savings more than usual. Democrats appear slightly more likely to cut back or hunt for deals, though many Republicans are also tightening their spending. Roughly four in ten Republicans say they chase low prices more than they normally would, while a similar share have reduced purchases of non-essentials.
Echoes of the Biden-Era Price Squeeze
The public felt similarly bleak about holiday spending in 2022, when Biden was in office and inflation had surged to its highest level in 40 years. Inflation has cooled since then, yet it still hovers around 3% — a full point above the Federal Reserve’s target — while the job market shows signs of slowing to a crawl.
The poll suggests that the true source of pain is not just inflation’s pace, but the stubborn height of prices themselves. Nearly nine in ten Americans say grocery costs feel abnormally steep, while about two-thirds say electricity and gift prices are also elevated. Roughly half say gas prices have risen lately.
These results scarcely differ from the 2022 survey, despite the drop in inflation since then. Consumer spending has held up, but Trump’s tariffs have changed how many people shop. Andrew Russell, a 33-year-old adjunct professor from Arlington Heights, Illinois, once loved browsing the world for online gifts. Now he avoids tariff-hit imports and buys only what he can pick up locally. He voted Democratic last year and worries that next year could bring more turbulence. He suspects the rapid growth in artificial-intelligence investments is a bubble waiting to burst — something that could rattle the stock market.
Dim Hopes for a Brighter 2026
Very few people believe next year will bring meaningful relief. Many see little sign that Trump’s blend of tariffs, tax cuts, and global deals will spark a strong rebound, though the president insists the benefits will accelerate in 2026.
About four in ten adults expect next year to be worse for the country’s economy. Roughly three in ten predict little change. Only around two in ten think conditions will improve — with Republicans showing more optimism than others. Hope has slipped since last year, when about four in ten expected 2025 to be better than 2024.
Millicent Simpson, 56, of Cleveland, Ohio, relies on Medicaid and the Supplemental Nutrition Assistance Program. She voted Democratic last year and says rising pressures make daily life harder as winter approaches. “He’s making it rough for us,” she said. “He’s messing with the government assistance for everybody, young and old.”