MIAMI—Expect gifts this year to be a little smaller, as consumers cut back due to inflation, a news study from WalletHub shows.
WalletHub conducted a nationally representative survey of American consumers to see what people have planned for the holiday shopping season. This includes how much people expect to spend, their top holiday-shopping influences, how the economy will affect holiday budgets, and more.
The complete results are below.
Key Findings
- Santa on a Budget: 68% of people say Santa will be less generous this year due to inflation
- Lingering Holiday Debt: Nearly half of Americans still have debt from the holiday season last year
- Holiday Spending Cuts: 31% of people say they’ll spend less on holiday shopping this year than last year
- Uncharitable Inflation: Nearly 3 in 4 Americans say their charitable giving is affected by inflation
- New Cards for Shopping: 52% of people will apply for a new credit card to help with their holiday shopping
- Top Holiday Shopping Motivators: 42% of Americans say their family influences their holiday shopping the most, while 37% point to social media and 17% say their friends have the biggest impact
- AI Shopping Assist: 55% of people would like to outsource their holiday shopping to an AI robot