60% of Americans say they will spend more on holiday shopping due to inflation

According to the Debt.com survey, which involved 1,000 U.S. adults, there is a noticeable shift in sentiment compared to last year. Sixty percent of respondents anticipate they will spend more on holiday shopping due to inflation, an increase from the fifty-four percent who felt the same way the previous year.

A significant portion of these shoppers, specifically fifty-four percent, plan to rely on credit cards to finance their holiday expenditures. Howard Dvorkin, CPA and chairman of Debt.com, comments on this trend, noting that accruing debt during the holiday season has become somewhat of a cultural norm in America.

The anticipation of holiday sales and the fear of missing out on desired items can drive consumers to spend beyond their means. The survey also highlights a strategic shift in shopping behavior, with two-thirds of participants starting their holiday shopping earlier than in past years.

Thirty-four percent began in November, while fifteen percent took advantage of a temporary dip in inflation rates over the summer to start their shopping. However, this change in shopping patterns comes at a time when credit card debt is on the rise, having increased by sixteen point…