Christmas might be four months away, but two new surveys reveal that shoppers are planning to spend less money on their gifts and are already investigating how to save money on their holiday season purchases.
A new survey by U.S. News & World Report of 2,002 adults found 81% of respondents said they have already adjusted their everyday spending this year due to inflation, with 84% acknowledging they worry about the impact of inflation on this year”™s holiday shopping season and 43% of that share admitting they worry a lot about this situation.
The survey also determined that 52% of respondents are planning to spend less on gifts this holiday season compared to 2021, with 72% planning to spend under $500. Roughly half of the respondents (51%) stated they plan to use online coupon sites, apps, and/or browser extensions to help with their holiday shopping this year, while a quarter of that share (24%) said they probably will.
Separately, a survey by the global influencer marketing platform LTK polled 1,052 adults and found 70% of respondents are looking for more holiday gift deals and sales to help them save money, with almost half (47%) are planning to start buying their gifts between September and mid-October.
The vast majority of respondents (96%) plan to shop online for their holiday gifts, with 86% of respondents planning to shop from their phones. And roughly three-quarters (72%) of respondents said their shopping originates from social media, which is even higher for millennials (81%) and Gen Z (83%).
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