Almost half of Americans are gearing up for holiday shopping as early as October this year, with significant concern about inflation’s impact on their budgets.
A recent Bankrate survey reveals that 48% of Americans plan to initiate their holiday shopping before Halloween. This early start reflects a broader trend of consumers seeking to manage their expenses amid rising costs.
The survey highlights a shift in shopping behavior due to inflation. Only 24% of respondents anticipate spending more this year compared to last, while one-third expect to cut back on their holiday expenditures. Age-related trends show that younger shoppers, particularly Gen Z, are more inclined to increase their spending. Approximately 40% of Gen Zers foresee higher spending, in contrast to 31% of millennials. Meanwhile, spending intentions are more conservative among older generations, with 19% of Gen Xers and 15% of baby boomers planning to spend more.
Inflation’s influence is evident, with 34% of those surveyed noting its effect on their shopping strategies. Early shopping is becoming more common, with 12% starting as early as August and 13% beginning in September. In contrast, only 15% intend to make their purchases in December, indicating a shift away from last-minute shopping.
Ted Rossman, Senior Industry Analyst at Bankrate, commented on the trend: “Starting your holiday shopping early allows for better comparison shopping and helps mitigate the financial impact of gift-giving.”
Stress about holiday spending is palpable, with one in four shoppers expressing concern about the costs. Only 30% have set aside funds for gifts in advance.
The survey also notes a strong preference for online shopping, with 42% of respondents planning to shop primarily online, compared to just 23% who will focus on in-person purchases. Additionally, over a quarter of shoppers anticipate accumulating debt to cover their holiday spending.