Noche Buena, the traditional Filipino Christmas Eve feast, holds deep cultural and economic significance across Filipino households. In recent years, rising food prices and inflation have increasingly constrained the purchasing power of middle-income families, forcing them to adjust holiday consumption decisions. Anchored on managerial economics and consumer demand theory, this study examines how price increases influence household budgeting, substitution behavior, and consumption choices during Noche Buena preparation. Using an integrative literature review guided by price elasticity of demand, substitution and income effects, and budget constraint theory, the study finds that Filipino families demonstrate relatively inelastic demand for culturally significant food items while engaging in adaptive strategies such as brand switching, quantity reduction, and budget reallocation. These behaviors illustrate how households balance cultural obligations with economic rationality under budget constraints. The study contributes to managerial economics literature by contextualizing consumer decision-making within culturally embedded consumption practices and offers insights relevant to policymakers, retailers, and consumer researchers.