More Than a Third of Consumers to Reduce Holiday Spending: Report
Two-thirds of U.S. consumers have cut their spending on discretionary items in the past six months due to inflation, and 38% expect to spend less during the holiday season, said a Digital River survey report Tuesday. Despite reports of consumer…
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“revenge travel,” the survey said 40% of consumers are spending less on summer vacations; 49% said they're cutting travel expenses. Online purchases remain “high,” Digital River said, with 42% of U.S. adults saying they make an e-commerce purchase at least once a week. Over half of respondents planned to increase online shopping due to convenience, but 45% said not being able to see products in person was a major barrier to online shopping, followed by delivery fees (35%). Of those surveyed who use the buy now, pay later payment option, 64% reported using it more often in the past six months, said the survey. Half used the option due to convenience, 48% used it due to tight finances and 44% because of higher prices, it said. Of online shoppers who have observed higher prices, 47% reduced their online shopping, 35% tried to find discount codes and 29% used comparison sites more frequently, said the report.