Experian: AI, financial stress impact holiday shoppers
Consumers are looking to artificial intelligence for help and feeling the effects of the economy this holiday season.
AI is playing a meaningful role in how consumers shop for the holidays. Nearly two-in-three (63%) surveyed consumers are open to using AI as part of their holiday shopping process.
According to a national consumer survey from business services company Experian, 58% of survey respondents who have used AI report a significant impact on the way they plan and shop for the holiday season. When it comes to what they need the most assistance with, respondents say they are most interested in using AI to find the best holiday prices (40%) and spot deals or sales (38%).
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Among respondents who have used AI tools to help plan or shop for the holidays, 86% say it makes holiday shopping easier and 76% say it makes it more enjoyable. Gen Z consumers are leading the way in AI holiday shopping usage, with 18% of respondents in this demographic saying they have used AI to help plan or shop for the holidays, nearly double the rate of all respondents (10%).
Holiday shoppers face financial concerns
More than half (52%) of respondents feel stressed about their finances during the holiday season, and seven-in-10 (69%) say inflation will affect their holiday shopping this year.
However, 56% of respondents say they will set aside money for gifts, while 45% will tighten their budgets, 25% will assess their credit cards to pick the best ones for shopping, and 22% plan to improve their credit score. A leading 87% of Gen Z respondents are motivated to improve their finances for the holiday buying period.
"The holidays are often filled with joy, but they can also bring financial stress that lingers well into the new year," said Rod Griffin, senior director of consumer education and advocacy at Experian. "That’s why it’s so important for consumers to turn to trusted resources that support their entire financial journey, from managing holiday budgets to building long-term financial health. With the right tools, including AI, consumers can feel more confident and in control."
