Consumer Behavior

Bank of America finds late shopping will surpass early holiday shopping

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November 5, 2026

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Fewer consumers plan to start holiday shopping early this year, but spending remains on a solid trajectory, according to a new report from Bank of America.

Only 38% of consumers said they have shopped or plan to shop earlier in 2026, down from 52% in 2025, according to a press release. Despite the slower start, Bank of America Institute data through September indicates holiday spending is off to a healthy start.

"Consumers are being more deliberate this year, from setting their own timelines to staying focused on their budgets," Mary Hines Droesch, head of consumer and small business products and analytics at Bank of America, said in the release.

Overall, 48% of shoppers expect to spend the same as last year, while 39% plan to spend less and 12% plan to spend more. Nearly two-thirds base their spending strictly on personal budgets rather than peer influence.

Shoppers are also turning away from newer digital tools. 72% of consumers do not plan to use artificial intelligence tools for holiday shopping, up from 49% last year. Meanwhile, direct purchases through social media plummeted to 14%, down from 35% in 2025.

Credit cards emerged as the primary payment method for 49% of holiday shoppers, up from 32% in 2025, driven largely by higher-income and older consumers. Younger shoppers continue to lean toward debit cards, preferred by 38% of Gen Z and 33% of millennials.