Whether it’s brought on by the dazzlingly bright lights or the warm fuzzy feelings around the holiday season, consumers tend to blow their holiday shopping budgets. And considering Americans are planning on spending more than $1,200 on average this year, that’s a lot of dough out the window.
Some 39% were Gen Z said the biggest financial barrier to holiday shopping would be simply running out of money, and 20% of respondents who said they didn’t have access to credit to purchase gifts were Gen Z. But Gen Z isn’t entirely alone in these holiday-shopping struggles. While much of the U.S. economy has recovered from the COVID-19 pandemic, some consumers are still feeling the effects from the economic downturn.
The survey found that nearly one-third of U.S. adults are facing a COVID-caused financial barrier that will prevent them from holiday shopping as planned.And that overspending is making consumers uneasy: 30% said they were stressed, 26% said they were overwhelmed and 25% said they were anxious about holiday shopping this year.
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