Survey: Consumers to use coupons for holiday gifts, curb luxury purchases
High prices and economic uncertainty are continuing to impact shopping plans with the holiday season around the corner.
Nearly 40% of Americans plan to spend less on gifts this year, and over half (54.5%) are skipping travel, according to a new survey from AI-powered predictive data firm Resonate. Roughly a quarter (24.6%) of Americans say they are highly concerned about the economy, down 28% from six months ago. However, 44% believe the economy will never return to "normal."
[READ MORE: Retail sales slow in September ahead of holiday season]
Given the greater uncertainty, Resonate’s survey found that a third (32%) of consumers are planning to use coupons and discount codes more this holiday season, suggesting that price will be a key factor for many shoppers. Many consumers (22.8%) noted that they will buy fewer luxury items this holiday season, while 22.3% of those surveyed said they plan to go into debt to buy gifts this year and 17.5% said they plan to dip into savings.
Blame for price inflation has shifted away from corporations, according to Resonate, with consumers pointing primarily to President Trump (39.3%) and tariffs/trade policies (37.3%), while accusations of corporate price gouging have dropped by nearly 29% year over year.
Only 5.6% of those surveyed said that they have not experienced higher prices when holiday shopping so far. Eleven percent of consumers said they have made no spending changes in the face of increased prices.
When it comes to where they will shop, a majority (60.3%) will visit a store for gifts this year, while just over half (53%) said they will buy online through a secondhand website such as Amazon or eBay. A third (32.9%) said they will buy gifts directly through a brand or manufacturers website, and 10.4% said they will buy gifts through social media, signaling that consumers plan to take an omnichannel approach to their shopping this year.
"The holiday season is the ultimate test of a brand's ability to adapt,” said Bryan Gernert, CEO at Resonate. “This data shows that consumers are navigating deep uncertainty, not just making minor budget cuts, but feeling truly stuck as they plan for unavoidable cost-of-living increases. They are making foundational choices about where to spend and prioritizing non-negotiable essentials over discretionary fun. Marketers who rely on old data will be left behind. The best way to win in this environment is to get ahead by understanding these shifting, foundational priorities and meet consumers where they are with targeted and relevant offerings.”
