Deck the halls with... receipts?
A WalletHub survey making the rounds this week says about 52% of Americans think inflation is going to ruin their holiday season. That's more than half of us walking into December with a little extra Grinch energy.
Before you cancel Christmas and wrap up a can of soup for everybody, let's look at what the numbers actually say. It turns out people aren't just stressing about it. They have a plan.
The Big Number: 52%
WalletHub first put out its early holiday shopping survey on October 7. It got a second wind this week after InvestigateTV picked up the story, and it's been airing on local TV stations across the South.
WalletHub managing editor John Kiernan said more than half of Americans “think inflation is going to ruin Christmas or whatever holiday you celebrate.”
Oof. So if you've been side-eyeing the price of wrapping paper, you've got plenty of company.
Budgets Are Holding the Line
The survey found that 79% of people have a holiday budget that's the same size as last year or smaller. Nobody's going wild with the gift budget this year.
Nearly one-third (32%) described their holiday budgets as “stretched thin.” On the bright side, most people surveyed say they actually have a holiday budget, and that's a big win on its own.
Last Year's Bills Are Still Hanging Around
Here's the one that stings a little. One in four people say they're still paying off debt from last year's holiday season.
It's a little like finding a strand of tinsel in the carpet in July, except this one costs you interest.
The Early Birds Have a Strategy
Lots of folks are fighting high prices with timing. According to Daily Voice's breakdown of the survey, about 41% usually start holiday shopping in October or earlier, and 42% start in November.
Early shoppers swear by it, too. A whopping 94% said shopping early helps them stay on budget better than waiting until the last minute, and 69% said buying gifts early saves them money.
Haven't started yet? No panic. Kiernan said it's not too late if you haven't started, and his advice is pretty simple: plan ahead, take your time hunting for deals, and stick to what you can afford.
Don't Ask the Robot
AI shopping assistants are everywhere this year, but people aren't exactly handing over their wish lists. WalletHub found 56% of people don't trust AI to help with their holiday shopping.
Maybe that's for the best. Nobody wants a chatbot picking out Grandma's sweater.
It's Not Just WalletHub
Other surveys out this season are telling a pretty similar story:
- Money worries are common: In a MoneyLion survey released November 10, 7 out of 10 people said they're worried about money this holiday season, with Gen Z the most concerned, followed by millennials.
- Cash is king: That same survey found 59% would rather get cash than any other gift.
- Trading down: A Visa survey reported by NewsNation found that roughly a third of shoppers earning under $100,000 a year plan to switch to lower-cost brands or stores.
- Still spending: Visa respondents expect to spend an average of $777 on holiday gifts this year, up 5.6% from $736 last year.
So people are worried, but they're still shopping. They're just shopping smarter.
Austin's Take
Honestly, I think that 52% says more about how stressful the price tags are than about whether the holidays are actually ruined. High prices can wreck a budget, but they can't cancel the good stuff. The lights, the music, the people you love, and that one relative who always brings the same casserole are all still on the schedule.
The early shoppers are onto something. Setting a budget, starting early and not trying to buy everybody the moon sounds like a pretty solid game plan for the season. And since 59% of people say they'd rather just get cash, maybe the most thoughtful gift this year really is an envelope and a nice card.
So tell me in the comments: are high prices changing your holiday plans this year, and what's your best trick for saving money on gifts?
Image by gonghuimin468 from Pixabay
