Historic levels of inflation did not deter shoppers from spending during the 2022 holiday shopping season. Inflation has contributed to a cost-of-living increase that has forced consumers to cut back in many areas. Despite that, a 2023 report from GlobalData found that consumer holiday-related spending in 2022 rose by 6.7 percent compared to the year prior.
A survey of more than 55,000 consumers found Thanksgiving was an especially busy day for shoppers, as consumers spent 8.4 percent more money on the day in 2022 than they did in 2021. The increase in spending was good news for retailers, though it was marked by an odd curiosity. Holiday shoppers spent more in 2022 than they did in 2021, but that spending involved shopping for fewer people.
The GlobalData report indicated that the average shopper bought gifts for about four people in 2022, which was down from about six people in 2021.
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