Over half, 64%, of U.S. consumers report the cost of living and inflation will likely impact spending during the upcoming holiday season and 11% will delay the holidays to early 2025 as they plan to gift shop during post-Christmas sales.
Those are findings from the Invoice Home "2024 Holiday Spending" survey conducted with research firm Censuswide.
"By postponing holiday shopping until those sales, consumers are hoping to cash in on savings. With uncertainty looming around inflation and the cost of living, Americans are already thinking ahead to what this means for their wallets this holiday season," stated a press release on the survey.
Consumers stated if prices continue to increase due to inflation/external economic factors, they'll cut back to save money by:
- Not traveling (25%).
- Opting out of gifting (24%).
- Thrifting gifts (23%).
- Boycotting brands that don't offer free shipping/returns (11%).
- Regifting all holiday gifts (8%).
- Taking out a second mortgage (5%).
"Unpacking this data and what it means for businesses, we can see the shift in consumer purchasing for the 2024 holiday season. Spending time now enhancing your online presence, adding holiday-specific keyword research and broadening your reach to meet consumers where they are is crucial in attracting business this year," Petr Marek, co-founder and CEO at Invoice Home, said in the release. "And the most important piece of advice for businesses for the next few months: Train your staff to deliver the best customer experience."