For most of the year, consumers have been troubled by rising inflation. The slowing economy has meant a multitude of changes for consumers, including higher prices in stores.
But, with the holiday season approaching, how will this affect people’s shopping plans? According to a recent report, inflation has already started to affect consumers’ purchases.
The report was put together by Jungle Scout and highlights how inflation may affect spending plans over the next few months. The new data shows that finances will be a significant factor in how much shoppers are willing to spend on gifts during this busy shopping period.
For the report, Jungle Scout surveyed 1,000 US-based consumers and asked them about various issues, including the economy, inflation, spending, and holiday shopping plans.
The results of the survey show that 75% of Americans think a recession is coming, and that this would affect their spending, as they had made plans to cut down on non-essential items.
Additionally, around 90% had noticed an increase in the price of everyday products and 84% said that inflation is affecting their spending habits at the moment.
Another finding was that many shoppers are planning to start a bit earlier this year, with 13% of respondents saying they started shopping before September and just 5% saying they plan to wait until December to start looking for items.
The report also notes that the best way to save money this holiday season is to wait for deals, particularly around events like Cyber Monday and Black Friday.
Mike Scheschuk, chief marketing officer at Jungle Scout said: “Upcoming shopping events like a second Prime Day, Black Friday, and Cyber Monday offer consumers the best deals ahead of the holidays. With these events on the horizon, retailers are listening to customers’ inflation fears and must be willing to adapt their strategies.”
He added: “They can maximize growth and retain customers by managing inventory, being strategic with price increases, and understanding the needs of their customers.”