People often say that Christmas isn't about the presents, a sentiment that will be tested this year, as a recent poll has found that many Americans plan to cut back on gift spending, CNBC reported, based on its on survey. The 800-person survey found that 40 percent plan to spend less on gifts than they did last year, the biggest proportion since 2013, compared to 11 percent who plan to spend more. Most commonly, it's because they don't have as much money, 29 percent, though 19 percent said it was because of the virus and 17 percent cited the poor economy in general. The survey found that the average American plans to spend  $886, down by 10 percent from their planned spending last year.

As to what Americans should buy, another CNBC story said that, when it comes to small children at least, a toy is probably a better bet than an experience. It cited a recent study by the University of Illinois Chicago that found that that kids aged 3-5 prefer material gifts to experiences such as trips or shows. Their memories are not fully formed yet, and so they will likely not get as much value from a transient experience than a solid, material toy that they can look at and touch to remind them of the happiness they had when they first got it. The older they get, though, the more they start valuing experiences over things, which is more in line with what research say adults value more as well.