PROVIDENCE, R.I. (WPRI) — The holiday season is still a ways off, but shoppers are already looking around for the best deals.
Kristen Regine, a marketing professor at Johnson and Wales University, tells 12 News inflation has forced shoppers to adjust how they’re spending their money.
“Right now consumers want to spend and plan to spend, but here is the thing, you are not getting as much for your money any more,” Regine said.
The National Retail Federation asked shoppers in a consumer survey how they felt about holiday spending this year. The survey suggests that 31% of Americans are starting their holiday shopping early because they believe the deals won’t get any better.
Regine said Americans are also starting to cut back on their day-to-day purchases in order to save money ahead of the holidays.
“Instead of them buying that particular name-brand [product] in the grocery store, maybe they are going to swap it out and lower their level of paper towels,” Regine explained.
The survey also revealed that 43% of shoppers feel they don’t make enough to afford the cost of gifts this season. Approximately 43% of people said they would be cutting into their savings to buy gifts, while 32% expect to take on debt with credit cards.
Regine said stores across the country will likely continue offering sales up until the holiday season since many retailers ordered excess inventory throughout the pandemic.