The holidays are right around the corner, a time usually filled with joy, generosity and celebration. But with inflation still squeezing wallets nationwide, many Americans are feeling less festive about the looming gift exchange they will inevitably have to participate in — at least, according to a survey.
WalletHub conducted a nationally representative consumer survey to see what people have planned for the holiday shopping season. It revealed how people are approaching holiday shopping this year; from spending plans and economic concerns to who (or what) inspires their gift choices.
With the spirit of generosity and charity present in the air, donations usually spike around the holidays. However, this year, about 60% of Americans say their decision to give to those in need will be affected by inflation.
For families, the culture of gift giving can feel like a financial juggling act. According to the survey, 42% of people said that the most difficult part is coming up with what to buy, while 27% think it’s the cost, and 18% say it’s finding the best deals.
The economic strain is also taking a toll on holiday cheer. About 65% of Americans, or about 2 in 3, say the holidays will be less fun because of gift-giving, and 61% admit that they would enjoy the holidays more if people did not exchange gifts at all.
When it comes to finding the perfect present, social media plays a growing role as about 22% of shoppers say they get their inspiration from platforms like Instagram and TikTok. Still, most people look to family and friends for ideas. And in a sign of just how stressful the season can be, a surprising 33% of respondents said they’d gladly let an AI robot handle their holiday shopping.
There is, however, a silver lining. Eighty-five percent of people will spend the same amount or less this year than they did last year.
And despite the growing number of retailers offering store credit cards that earn rewards, and companies offering a bit of solace with their “buy now, pay later” policy, most consumers are resisting the urge to swipe more. The majority of people would not open a new credit card in order to help with holiday shopping this year.
Overall, dread is dampening the holiday spirit this year, according to WalletHub. Consumers struggle to keep up with the amount of fees and payments approaching in December. WalletHub, in another survey, explains the tax burden rates across the country. All of the tri-state ranks among the top 10, adding another layer of buyer’s anxiety.