Not-so-happy holidays! Stubbornly high inflation has cast a pall over the festive season

Persistently high inflation is putting a damper on the holiday season — two-thirds of Americans will watch their wallets when shopping, and millions will spend less on booze, groceries and gifts this year, a battery of studies shows.

Morning Consult polls show that 64 percent of adults will be more cautious about gift buying this year, and 82 percent will stock up on Black Friday sales and look for other discounts.

The questionnaire of 2,210 adults earlier this month also found that 44 percent would cut back on holiday travel while spending less on alcohol (41 percent), gifts (32 percent), parties (26 percent) and groceries (24 percent).

Consumer prices rose a higher-than-expected 8.3 percent in the year to August, the Labor Department said Tuesday. Although gas prices have fallen from record highs, Americans are spending more and more on rent and food.

Of particular concern are soaring prices in supermarkets, which are up 13.5 percent in the past year, driving up the cost of basic necessities like flour, eggs, butter and the classic Thanksgiving dish — turkey.

Inflation has led to a rise in household grocery bills, rents and energy costs, among many other expenses, driving household hardships and making the economy even more gloomy, despite strong job growth and unemployment near historic lows.

While Joe Biden says the country is “making progress” against inflation, rising prices and the economy are top priorities for voters and are likely to hurt the president’s Democratic Party in the upcoming midterm elections.

Other studies come to similar findings. A poll of 14,400 U.S. consumers by Shopkick, a shopping app, found that more than a third of respondents this year reduced the number of people buying gifts to save money.

Brittany Billings, the group’s marketing manager, said shoppers are still grappling with rising prices while “the fear of a potential recession lingers.” Stores must offer “deals and savings” early to do business, she added.

A study by 4Over of more than 1,000 adults found that 59 percent were stressed buying gifts this year due to inflation, and nearly three-quarters thought prices were rising during the holiday season.

The festive spirit may wane for the 43 percent of respondents who are cutting back on general spending because they limit everything from movies to dining out, concerts, travel, and even haircuts and beauty appointments.

Meanwhile, online orders are predicted to drop 5 percent compared to the 2021 holiday season, according to data from Salesforce, a software company, as consumer budgets are squeezed by inflation.

Higher production costs — including for labor and transportation — will exceed retailers’ ability to pass costs on to customers, putting 10 percent of profits at risk for retailers, the group’s research added.

Rob Garf, a vice president of Salesforce, said retailers were “feeling the pressure of unprecedented margin pressure from higher wages, fuel prices and inventory costs” and needed to scale and automate their business.