52% of Americans think inflation will ruin the holidays, survey finds

(InvestigateTV) — More than half of Americans, about 52%, think inflation is going to ruin their holiday season, according to a WalletHub survey.

John Kiernan, managing editor at WalletHub, described the finding this way.

“We found that more than half, around 52% of Americans think inflation is going to ruin Christmas or whatever holiday you celebrate,” Kiernan said.

The survey also found 79% of respondents have a holiday budget that is the same size as last year or smaller. One in four say they are still paying off debt from last holiday season.

That is one reason getting an early start on holiday shopping may be appealing. Kiernan said 41% of people usually start shopping in October or earlier, and that it is not too late for those who have not started.

“So, we found that 41% of people said they usually start shopping for the holidays in October or earlier. If you haven’t started shopping by now, that’s fine. There’s still plenty of opportunities to save money. And that’s the main thing that people are trying to do when they start shopping earlier versus the last minute. More than two in three people believe early holiday shopping saves them money overall,” Kiernan said.

Most people surveyed say they have a holiday budget. Kiernan said it is important to plan ahead, take time looking for deals and stick to what you can afford.

WalletHub’s survey also found 56% of people do not trust AI to help them with their holiday shopping.