This year, U.S. consumers are rethinking their approach to gift-giving, scaling back on what they buy and for whom, with a focus on the practical.
“I’m done buying stuff for the sake of buying it,” the 39-year-old said. “I don’t mean to sound ungrateful, but I am tired of coming home with bags of trinket-y stuff that lasts for a few days before it becomes plastic trash.”
“A lot of obligations — the office Christmas party and big family gift exchanges — have disappeared,” said Milton Pedraza, chief executive of the Luxury Institute, a consulting and research firm. “Instead we’re thinking practically by focusing on needs and trading up to higher-quality products.”That sensibility has fueled a fundamental change this holiday season.
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