WASHINGTON — As high rates of inflation persist, consumers across income levels are feeling the pain of higher prices on everything from household essentials to services like travel and dining out. Despite challenges, consumers are still prioritizing holiday spending.
An NRF September 2022 consumer survey found that:
- Households earning over $75,000 a year are twice as likely to report that they are having difficulty paying their usual expenses than they were a year ago
- Still, 62% of holiday shoppers agree that it is important to spend on holiday gifts and celebrations. And they will do what they need to, even cutting back in other areas, so that their loved ones get to celebrate like they always do
- Holiday shopping is already underway, as 44% say that it is better to purchase gifts and other seasonal items now, because they believe things will just get more expensive before the end of the year
Learn more about NRF’s “Lower Inflation Now” campaign here.