Nearly half of U.S. consumers say they will spend less this holiday season, data from DealAid’s 2022 Holiday Shopping & Inflation report found.
With economic confidence tumbling and inflation remaining high, Americans are making changes to the way they will treat the holiday season this year.
According to the data, 48.2 percent of the 1,100 U.S. consumers surveyed “will spend less money due to inflation during holiday shopping season in 2022,” and just 20.9 percent said they will spend “more.” About 16 percent said their spending will remain the same:
Americans, on average, plan to spend a total of $941 during holiday shopping season in 2022. This represents a 3.4% decrease compared to 2021 ($974).
“Gifts” have been identified as the retail category most affected by inflation (49 percent), followed by electronics (39 percent), clothing (33 percent), food (30 percent), and beauty (27 percent).
When asked to identify their “biggest concerns” ahead of the holiday shopping season, which generally kicks off on Black Friday, most, 56.4 percent, said inflation. Another 46.4 percent said “funds” in general, and 41.8 percent identified “item stock” as a top concern.
Only one in five Americans identified the Chinese coronavirus as a concern this holiday season.
The survey coincides with similar data, showing Americans cutting corners for the Thanksgiving holiday due to high prices.
A Personal Capital survey released last month, for example, found that one in four are planning to skip Thanksgiving altogether, and one in five are unsure if they will even be able to cover the costs of the holiday.
Several Thanksgiving staples have soared in price this year. Turkey and other non-chicken poultry, for instance, is up 16.9 percent.
As Breitbart News detailed:
- The index that includes pies is up 18.6 percent.
- Ice cream is up 13.3 percent.
- Canned fruits, which include cranberry sauces, are up 18.7 percent.
- Fresh potatoes are up 15.6 percent.
- The index for rolls, biscuits, and muffins is up 13.6 percent.
- Butter prices are up 26.7 percent.
- Salad dressing is up 19.7 percent.
- Gravy and sauce prices are up 14.6 percent.
- Overall food at home prices are up 12.4 percent.
A recent survey fromthe Vacationer found 66 percent indicating that inflation is affecting their Thanksgiving holiday plans.