Most Americans will spend less this Christmas as they cope with inflation, according to a fourth-quarter consumer trends report released this week.
Among shoppers responding to a quarterly survey from Jungle Scout, 67% said they plan to spend less than $500 on holiday-related items — nearly 40% less than the National Retail Federation’s 10-year national average of $832.84 per person.
Reevaluating finances is a priority heading into the new year for 79% of those surveyed, said the Austin, Texas-based company, which provides software and product research to Amazon sellers.
“Consumer expectations and priorities will shift in 2023, as inflation continues to impact spending,” Michael Scheschuk, Jungle Scout’s president of small and medium business, said in a statement.