We’re getting to that time of the year where all thoughts more towards holiday shopping. Inflation will likely have an effect on this holiday season, but according to a new poll, people don’t necessarily plan to spend less, but they do plan to spend differently.
A new Debt.com poll finds:
- 55% of Americans say they plan to spend more this holiday season due to inflation.
- While 15.6% of shoppers said they had planned to spend between $200 and $300 last year, that number goes up to 18.5% this year.
- And 10.4% plan to spend more than $1,000 this year, something only 9.9% of people said last year.
- Only 31% of people actually say they plan to spend less this year.
- But 34% say their aim is to spend about the same “but on fewer gifts.”
One way for some to beat inflation was to start shopping early.
- In fact, 64% of Americans said they’re starting their shopping earlier than last year, with 14% saying it’s because of inflation.
- Realizing that inflation wasn’t going way, 15% actually started their holiday shopping over the summer.
- For 45%, big reasons to start shopping earlier included “concerns about supply” and “avoiding price markups.”
Unfortunately, even with these tactics, some people will go into debt for the holidays.
- Half of holiday shoppers will use credit cards for their shopping.
- 45% expect their holiday shopping debt to be less than $100.
- 4% expect it to be over $500.
- 5% expect to wind up with $1,000 on their credit cards.