52% of Americans predict inflation will wreck the holidays

52% of Americans believe inflation will ruin their holiday season, according to a survey released today by WalletHub.

John Kiernan, managing editor at WalletHub, presented the data. “We found that more than half, around 52% of Americans think inflation is going to ruin Christmas or whatever holiday you celebrate,” Kiernan said. The survey indicates that financial pressure is weighing heavily on household plans.

The data shows that 79% of respondents have set a holiday budget that is the same size as last year or smaller. Additionally, one in four participants reported that they are still paying off debt from the previous holiday season. These figures suggest that many households are entering the season with less financial flexibility than in prior years.

Getting an early start on shopping is one strategy to manage costs. Kiernan noted that 41% of people typically begin their holiday shopping in October or earlier. He added that those who have not started yet can still find savings. “More than two in three people believe early holiday shopping saves them money overall,” Kiernan said.

The survey also explored the role of technology in holiday planning. Fifty-six percent of people said they do not trust artificial intelligence to assist them with their shopping decisions. Kiernan advised that it is important to plan ahead, take time looking for deals, and stick to what consumers can afford.