Survey Says Holiday Shoppers Started Earlier, Spending Less

(KNSI) — With 41 days left until Christmas, new surveys show trends surrounding the holiday shopping season.

Jason Gaughan, Head of Consumer Credit Card Products with Bank of America, says their survey showed shoppers started in mid-September, but many of them won’t go into stores. “With all the online shopping and security [worries], people are just more comfortable using credit cards. And they’re also, from a consumer product perspective, where you’re going to get rewarded the most.”

He says at least 50% of people plan to do most of their holiday shopping on or before Black Friday and Cyber Monday.

With inflation still at almost 8% and wages not keeping pace, retailers could be looking at a slower than usual holiday shopping season. Annie Spilman with the Federation of Independent Business says the Christmas season is a big part of many company’s yearly sales, so if it’s slower this year, that will have a ripple effect, making small businesses worried. “The uncertainty is really crippling for some small business owners right now. [That’s] because the sales outlook for small business owners has worsened, of course, due to inflation and supply chain issues.”

You can help support small businesses by shopping on Small Business Saturday, November 26th.

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