With the holiday shopping season in fully swing, a Stockton University poll shows many New Jerseyans will spend less because of inflation.
“Inflation has gripped consumers with Grinch-like tenacity,” said John Froonjian, director of the Willian J. Hughes Center at Stockton University. “It is making holiday shopping more challenging, but people will spend less on their daily expenses to maintain the spirit of giving.”
Adults aged 30-49, the group most likely to be raising children, are especially challenged by the economy. About three-quarters, 76%, said inflation is affecting their spending plans, including 45% who are greatly impacted. Sixty percent said they have cut back on living expenses to be able to cover holiday-related costs, according to the poll.
NRF’s newly released survey shows that more than two-thirds of holiday shoppers plan to shop during Thanksgiving weekend this year. The top reasons consumers plan to shop are because the deals are too good to pass up , because of tradition or because it is something to do over the holiday weekend.
Fourteen percent said they had to change or cancel their travel plans, and 42% of all respondents said cost affected their decisions about taking holiday trips, according to the poll. One out of five shoppers, 21%, got an early jump and started shopping in October or earlier, and 22% started earlier this month. Thirty percent are waiting until Thanksgiving or early December to get started, and 6% are waiting until late December to start their shopping.
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