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Most shoppers either haven’t changed their holiday spending intentions or plan to spend more amid stubbornly high inflation, according to a new survey from Deloitte.
Deloitte said Monday that its 2022 Black Friday-Cyber Monday Survey found 81% said they have plans to spend the same amount or more on holiday shopping compared to what their plans were in September. Of those people, 47% anticipated it staying flat, and 34% indicated more spending, according to the survey.
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About 48% of the people who planned on spending more said the reason was higher prices, the survey said.
FILE - Black Friday shoppers wearing face masks wait in line to enter a store at the Glendale Galleria in Glendale, Calif., Friday, Nov. 27, 2020. Retailers are expected to usher in the unofficial start to the holiday shopping season Friday, Nov. 26, ((AP Photo/Ringo H.W. Chiu, File) / AP Newsroom)
In October, inflation measured by the consumer price index went up 0.4% from the prior month and 7.7% from the prior year. That data, released Nov. 10 by the Labor Department, indicated inflation cooled somewhat, despite still being painfully high, FOX Business reported.
According to the survey, 80% of shoppers have plans for shopping during the period spanning Thanksgiving to Cyber Monday. Shoppers said they intend to use half of their total holiday spending budgets during that upcoming holiday weekend.
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The survey found 64% of shoppers plan to participate in Black Friday this year, with an average spend of $205 expected. For Cyber Monday, planned participation is 56% among shoppers, who said they anticipated spending $218 on average.
For its report, WalletHub analyzed almost 5,000 deals from the Black Friday ad scans of 21 of the largest retailers in the U.S. (iStock) (iStock / iStock)
The average amount shoppers will spend across Thanksgiving to Cyber Monday has gone up 12% year-over-year, coming in at $500 for 2022, according to the survey.
During the Thanksgiving to Cyber Monday timeframe, more than half of shoppers (57%) indicated they are depending on payment options like credit cards or buy now pay later to make their holiday budgets go farther. That figure was 47% last year, according to Deloitte.
Roughly 37% of Thanksgiving weekend shoppers plan to or have used buy now pay later, while 48% pointed to using credit cards. Those figures rose 7% and 13% respectively year-over-year.
stack of multicolored credit cards on black background (iStock / iStock)
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About 43% indicated they’re putting off making big purchases during that time frame, according to the survey.
Meanwhile, Deloitte said the survey showed many consumers are doing "earlier bargain hunting and buying" due to current economic conditions. Over two-thirds (68%) of holiday shoppers reported they started in October, with them saying their holiday budgets were already 23% spent by the end of that month, according to the survey.
More than half of respondents reported retailers "discounting the same or more" compared to 2021, according to the survey.
The survey was conducted online between Oct. 19 and 28 among 1,200 adults planning to shop for holiday gifts. It has a 3% margin of error.