As the biggest spending season of the year draws near, 76% of consumers believe the U.S. is currently in a recession or will enter one, and 55% of shoppers plan to navigate these conditions by changing how they spend during the holidays in a number of ways:
- 54% will spend less per person on gifts;
- 47% will buy discounted products; and
- 38% will reduce the number of recipients on their gift-giving lists.
Consumers are also increasingly price sensitive: during Q3 2022, 84% noted that inflation has affected their overall spending, a 9% increase over Q2 2022. Discover more about the holiday shopping outlook in this infographic from Jungle Scout.