NEW YORK—Inflation is already putting a strain on the upcoming holidays, and one report indicates credit unions may have both lending and financial education opportunities as a result.
While the holiday season is still months away, consumers have begun expressing concerned about how they will afford this year’s gifts as prices continue to rise, several studies show, according to CNBC.
Citing a BankRate report, CNBC noted that roughly 40% of holiday shoppers said inflation is changing the way they shop, with most trying money-saving strategies. The report found consumers say they will buy fewer items or less expensive brands and will use coupons, discounts and credit card rewards to offset costs.
More than half — or 59% — of Americans are stressed about buying gifts this holiday season due to higher prices, a survey from 4over said.
Getting a Head Start
Many consumers are also getting a head start as a result. More than one in 10 started their shopping before the beginning of September, and half of holiday shoppers plan to start before Halloween, Bankrate found.
“Holiday shopping will look different this year with inflation around 40-year highs,” Ted Rossman, Bankrate’s senior industry analyst, told CNBC. “Starting earlier could help because it gives you time to spread out your cash flow and find the best deals.”
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