By Jasmine Browley ·Updated September 17, 2023
The thought of Christmas shopping is causing many people to rethink their spending now.
This is according to a new report from online review platform Trustpilot, in which it analyzed findings from its ‘Holiday Trust in Spending’ Survey.
Overall, the results underscored how stressed some American consumers are when it comes to their finances as they anticipate this upcoming shopping season.
Among the findings, some of the most staggering include the revelation that 1 in 3 American consumers are considering going into credit card debt to purchase holiday gifts this year. Another 41 percent are considering Buy Now Pay Later services, and another 2 in 5 would spend less on important living costs like food and gas to be able to buy gifts.
“Last year’s mishaps damaged consumer trust, and with a tighter grip on their wallets this season, meeting consumer expectations will be key for retailers’ success,” said Mieke De Schepper, Chief Commercial Officer at Trustpilot in a news release. “Based on experiences shopping online last holiday season, 30 percent of Americans trust businesses a lot to get them the products they need on time this year, and while that is promising, there is still more work to be done to increase that number.”
“People are financially struggling in today’s economy, which is only heightened during the holidays,” said De Schepper. “Turning to places like our reviews platform can support the frustrations consumers are facing and help them to find alternatives that are most cost-effective. 42 percent of Americans who made purchases during last year’s holiday shopping season said consumer reviews often make or break their decision to purchase, which helps retailers understand where customers are getting information about them and how critical leveraging reviews can be during this time.”
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