Nearly half of U.S. consumers say they will spend less this holiday season, data from DealAid’s 2022 Holiday Shopping & Inflation report found.
According to the data, 48.2 percent of the 1,100 U.S. consumers surveyed “will spend less money due to inflation during holiday shopping season in 2022,” and just 20.9 percent said they will spend “more.” About 16 percent said their spending will remain the same:
The report identified “gifts” as the retail category that will be most affected by inflation (49 percent). Other categories affected include electronics (39 percent), clothing (33 percent), food (30 percent), and beauty (27 percent).
56.4 percent of holiday shoppers said their “biggest concern” is inflation, 46.4 percent said “funds,” and 41.8 percent said “item stock.”
Similarly, Americans are skimping on Thanksgiving holiday due to inflation. A Personal Capital survey found that high prices are causing one in four people to skip their Thanksgiving entirely.
The Michigan Republican Party tweeted, “Democrat’s inflation has ruined the holidays. A record 60% of Americans report living paycheck to paycheck as we head into the holiday season.”
Democrat’s inflation has ruined the holidays.
A record 60% of Americans report living paycheck to paycheck as we head into the holiday season. https://t.co/D8DDcav7jm
— Michigan Republican Party (@MIGOP) November 22, 2022
Black Friday ushers in a holiday shopping season that’s coinciding with four-decade-high inflation, declining personal savings rates, ballooning credit-card debt, a growing list of layoffs in the tech sector, and storm clouds signaling a recession. https://t.co/KCA5ALUClC
— MarketWatch (@MarketWatch) November 24, 2022
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