Layla: While it’s true that spending has gone up, I don't think that the true meaning of the holidays is lost because I know I like to shop for my family so they know I am thinking of them.

Margot: I agree that holiday spending has gone up, and spending is out of control but I have done things like spend time with the people I love so they know I am thinking of them.

Fact: Holiday spending has gone up.

Which factor explains how Margot and Layla interpreted the same fact differently?

Their personal values and experiences. Layla values buying gifts for her family as a way to show her love and thoughtfulness, while Margot values spending quality time with her loved ones instead of solely focusing on material gifts. These differing values and experiences lead them to interpret the fact of increased holiday spending differently.