Consumer Behavior

Most consumers keeping eye on holiday spend this year

Photo by istock.com

August 31, 2022

A hefty number of consumers, 73%, are paying closer attention to how much they're spending on gifts this year, compared to last year, and 73% expect prices will increase by the holiday season.

Those are top findings of a holiday shopping in 2022 outlook survey from 4over.com that polled 1,000 U.S. consumers about holiday spending plans and the impact of inflation. 4over LLC is a wholesale trade printer in the U.S., with multiple production facilities across North America.

While the holiday season is still three months out, 59% are stressed about buying gifts due to inflation worries and 47% said paying full price for an item is a dealbreaker this year. One in four, 27%, plan to start shopping soon in the event inflation gets worse, according to a blog post on the survey results.

In 2021, Americans spent an average of $611.19 on Christmas gifts. This year, they plan to spend slightly less on gifts: $575.64.

Just over half (53%) of people said they will use a credit card to cover holiday costs and 35% will make the most of points and rewards programs to help them pay for gifts.

Over one in three (36%) will cut down on dining out and 27% will cut down on activities like going to the movies, events and concerts.