Consumer Behavior

Many consumers making holiday-specific sacrifices

Photo by istock.com

December 20, 2022

More than half of U.S. consumers, 60%, are making holiday-specific sacrifices with many reducing gifting and travel and 61% expecting to keep the budget restricted even if inflation improves.

Those are top findings from a Shopkick survey that polled over 10,000 American in early November on the impact the economic climate is having on holiday spending, according to a press release on the findings.

Additional findings include:

• 94% say grocery items are noticeably more expensive, specifically eggs, meat, poultry and seafood.
• 55% anticipate economic challenges worsening over the next three months.
• Inflation has had a major impact on consumers' finances and 66% say their budget has been affected by the current economic climate.
• When asked to rank in order of probability, the majority plan to reduce the overall number of gifts they purchase this year, whereas others do not plan to travel to see friends and family, purchase holiday decorations or host holiday gatherings.