Inflation Altering Consumers' Holiday Shopping Plans, Reports Say
Rising inflation has altered holiday gifting and spending plans this year, with 54% of U.S. consumers planning to spend less per person on gifts, 47% planning to buy discounted products and 38% reducing the number of people they’re buying gifts…
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for, said a Monday Q3 Jungle Scout report. In a survey of 1,000 U.S. consumers, 84% of respondents said inflation affected their spending, up 9% from Q2, and 90% noticed higher prices in day-to-day spending. Some 52% of consumers said their household income is unstable, up 36% from Q2. Nearly 30% of consumers have started their holiday shopping; just 13% plan to wait until Thanksgiving or later to begin vs. 27% a year ago. Consumers are increasingly comfortable buying products via social media, the survey said, with TikTok having the most growth in potential shoppers. Boomers and millennials are most likely to buy products from YouTube; Gen Z opts for Instagram and Gen X consumers are most likely to buy products through Facebook, it said. Meanwhile, eMarketer emailed Monday that “storm clouds still hover over the holiday season,” despite higher consumer sentiment metrics from the University of Michigan, Conference Board and Gallup. Consumers are “wary of splurging and saving less money,” eMarketer said: “This won’t be a normal holiday season.”