Inflation is having an impact on holiday shopping choices this year, with 60% Americans in a recent survey reporting their overall budget for gifts is down – although the spirit of giving is still very much top of mind for pets.
A survey from Personal Capital conducted in partnership with Morning Consult, shows the average holiday shopping budget is down roughly $200 (23%) compared to last year. In order to afford their December spending, 47% of respondents said they will be cutting back on eating out and other non-essential purchases.
Ultimately, 37% of people will be spending $250 or less on their gifts this year, with 16% saying they’ll spend less than $100.
Some are turning to crafting, with 45% of respondents saying they will be giving do-it-yourself (DIY) gifts and secondhand gifts. A quarter of Gen Z and Millennials, more than any other generation, say they’ll be making gifts.
This year Americans also will be more selective over who makes their nice list, with some surprising cuts. While only 19% of respondents said they will be purchasing a gift for their in-laws, 34% of dog owners said their dogs will be receiving a present this year. Only 22% of cats will get presents.
Gifts for children (58%) and partners (54%) were most likely to be on survey respondents’ shopping lists. Teachers are the least likely to receive a gift (7%).
Convenient presents such as gift cards (52%), cash (24%) and slippers/socks (24%) reigned supreme as top choices this year. And while 73% said they love finding the perfect gift for someone, nearly a quarter of people (23%) say they end up shopping “mostly for myself.”
More than half said they enjoy holiday shopping overall, though 35% of people say they’ll be making homemade gifts and food this year.
The national survey of 2,200 adults took place between Nov. 22 and Nov. 26. The sample was filtered by age and gender, and weighted on region, race/ethnicity and educational attainment, to reflect the national census. Results have a margin of error of plus or minus 2 percentage points.
