How inflation will change the way consumers shop for the holidays in the U.S. 2024

In 2024, a considerable share of consumers in the United States intended to look for ways to save money when buying products and gifts during the Christmas season, due to the impact of inflation. Notably, about 60 percent of surveyed U.S. shoppers said they would look for sales more than usual, while about 33 percent said they would buy less expensive gifts this time around.  Four in 10 respondents said they would not change how they shopped for the holidays. 

Inflation across the globe

The ripple effect of COVID-19, the Russian invasion of Ukraine, as well as other contributing factors, had been felt all over the world in 2022 and 2023. In the United States, for example, the average price of a basket of goods went up by some eight percent in 2022, a considerable jump compared to previously measured annual inflation rates. In similar fashion, the European Union contended with an inflation increase of over nine percent.

”This used to be cheaper”

It comes to no surprise that a sudden and lingering spike in consumer goods prices leads to changes in consumer spending and behavior. From making changes to how much one spends on non-essential goods to being extra mindful when browsing in-store, the average shopper remains, and is likely to remain, concerned about rising prices and their ability to purchase goods for the foreseeable future.