Parents are among the groups less willing to splurge on holiday shopping compared to last year.
Consumers are conflicted about saving and spending ahead of the upcoming holiday season.
Forty-one percent of consumers are planning to splurge on gifts for themselves this holiday season, with Gen Z (47%) and millennials (56%) especially planning to do so, according to Vericast’s 2024 Holiday Retail TrendWatch survey of 1,000 U.S. adults. However, nearly half (46%) of consumers say they need to budget more and spend less overall on holiday gifts this year.
The number of consumers willing to spend more was down from last year, specifically among millennials (64%, down eight percentage points), parents (65%, down eight percentage points) and millennial parents (69%, down 11 percentage points).
“Inflation has slowed, but that doesn’t mean it has stopped impacting wallets,” said Chip West, consumer behavior and retail category expert at Vericast. “Consumers will always spend around the holidays, but rising costs mean they are tightening their belts and putting more thought into what, how, and when they will buy – from gift giving to dining out during the season.”
[READ MORE: Older consumers continue to lead spending in 2024]