WalletHub poll: 52% of Americans expect inflation to derail holiday spending

A WalletHub survey released on Thursday indicates that 52% of Americans believe inflation will negatively impact their upcoming holiday season. John Kiernan, the site's managing editor, confirmed the primary finding of the study.

“We found that more than half, around 52% of Americans think inflation is going to ruin Christmas or whatever holiday you celebrate,” Kiernan said. The data suggests that financial pressure is forcing many consumers to adjust their expectations for the coming months.

Spending constraints are widespread among respondents. The survey revealed that 79% of participants have set a holiday budget that is equal to or smaller than their budget from the previous year. Additionally, one in four Americans reported that they are still paying off debt from last year's holiday season.

To mitigate rising costs, many shoppers are moving their timelines earlier. Kiernan noted that 41% of people typically begin holiday shopping in October or before. He advised that those who have not started yet have sufficient time to secure better prices.

“So, we found that 41% of people said they usually start shopping for the holidays in October or earlier. If you haven’t started shopping by now, that’s fine. There’s still plenty of opportunities to save money. And that’s the main thing that people are trying to do when they start shopping earlier versus the last minute. More than two in three people believe early holiday shopping saves them money overall,” Kiernan said.

The survey also examined consumer attitudes toward new technology in the retail space. Fifty-six percent of respondents indicated that they do not trust artificial intelligence to assist with their holiday shopping decisions.