Worries about rising prices are at the top of most American consumers' minds as we head into the holiday season, a new Country Financial survey shows.
Consumers often try to offset higher prices by replacing the goods they purchase where they can — by buying ground beef instead of a more expensive steak, for example."If I can't substitute or I can't have the freedom to choose, then I am more affected by price increases and what's left," Jensen said.
Consumer spending could also be increasing now as purchases that are being made now with the idea of beating higher prices or product shortages later.manager of the financial planning support department at Country FinancialHowever, there are concerns that holiday shoppers will go into debt. A recentfound that most people plan to spend either the same or less this holiday season compared to last year.
However, with credit card purchases rising, there are risks that holiday shoppers could go into debt or add to existing balances.found that while more than 78% of Americans plan to set aside money for their holiday purchases, 58% said they plan to take out payday or other short-term loans and 66% plan to use buy now, pay later plans.
In a high-inflation environment, it helps for shoppers to have a spending strategy going into the holiday season.Look for ways to cut back on spending and be strategic about buying now to beat price increases in the future, he said."If I'm using history as a bench mark, odds are that it doesn't last longer than another year or so," Jensen said.
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