In the face of inflation holiday shoppers are changing their spending habits – Holiday shopping is well underway, but it really picks up with Cyber Monday, Small Business Saturday, Black Friday and Cyber Monday.
Although inflation has slowed slightly between September and October, the prices for almost everything is still very high.
A recent survey from Bankrate.com found that two-fifths of shoppers believe inflation will affect how they shop in the coming year. According to the survey, 40% of shoppers will shop less, while others will choose cheaper brands and use credit cards to offset their costs. Others will make their gifts themselves or purchase second hand items.
An average Christmas gift buyer expects to spend less than $1,000
Holiday shopping is well underway, but it really picks up with Cyber Monday, Small Business Saturday, Black Friday and Cyber Monday.
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Although inflation has slowed slightly between September and October, the prices for almost everything is still very high.
A recent survey from Bankrate.com found that two-fifths of shoppers believe inflation will affect how they shop in the coming year. According to the survey, 40% of shoppers will shop less, while others will choose cheaper brands and use credit cards to offset their costs. Others will make their gifts themselves or purchase second hand items.
Chief Executive Officer of The Food Industry Association Leslie Sarasin says that families will also change the way they shop for holiday meals.
She said that they are buying more store brands than ever before. “They are looking for substitutes in some of their favorite recipes.”
The National Retail Federation estimates that the average Christmas gift spender will spend just below $1,000. This is roughly the same amount that many families spend on Christmas gifts each week.
